The beauty industry in the U.S. is booming: hair care product sales alone have surged by 28% in the first half of 2022. Make-up sales also increased by 20%, while it was 12% for the skincare sector.
That’s impressive, what with the inflation and the soaring prices of other goods. However, those figures will likely climb higher this 2023. Hopefully, it will be because consumers regain buying power.
But what exactly is in store for the beauty industry? What are modern shoppers looking for, anyway? How can brands meet their expectations?
To that end, we created this guide on the top beauty forecasts and trends likely to occur in 2023. Read on to learn what they are, as they can help you become a wiser, savvier shopper next year.
A Recovering and Growing Beauty Industry
In 2014, the global beauty industry’s estimated market value reached $492.6 billion. It then dipped to $471.9 billion in 2020, a 20.7 billion difference, due to the pandemic. However, it has since rebounded; by 2023, experts project it to become a $589.2 billion market.
An Increased Demand for Hairstylists and Barbers
The BLS says that the job outlook for hairstylists and barbers will grow by 11% from 2021 through 2031. That’s much faster than the average. As a result, about 93,800 new jobs will be available yearly to these personal care service providers.
A chief reason for the growth in hairstylist and barber jobs is the need to replace workers. For example, many of them are leaving the workforce to retire. Some transfer to another occupation or even move to other countries.
Increased Sustainability in the Beauty Industry
Growing environmental awareness will reshape the future of the beauty industry.
A perfect example is a push for the use of sustainable packaging. More buyers want brands to think about refillability and recyclability.
For example, 57% of consumers said they’re less likely to buy a product with harmful packaging. Nearly 3 in 4 also showed interest in purchasing items with refillable packaging. About 80% of shoppers under 45 also said they’re willing to pay more for sustainable packaging.
Biodegradability is another of the top beauty industry trends related to packaging. These materials naturally break down and decompose instead of piling high in landfills. Some examples include compostable paper, food waste, sugar cane, mushrooms, and even seaweeds.
Many in the beauty industry also support ending animal testing. Animal rights activists have long since called for this. However, non-activists, especially those who call themselves “fur parents,” have joined the crowd.
Animal testing, after all, is unnecessary. For one, many ingredients known for their safety are already available. Also, modern testing methods, such as human cell-based exams, exist.
Revenue-Boosting Trends in the Beauty Industry
Businesses providing both products and services will further drive beauty industry growth. These include salons and spas that also sell beauty and wellness products.
One reason is that products sold from the point of service are convenient for consumers. They no longer have to go to another store, reducing their need to travel and get stuck in traffic.
So, even if buyers have to pay more for a product, they’ll still be willing. After all, doing so cuts travel costs. That’s especially crucial with today’s sky-high gas prices.
Growth in Professional Services
During the lockdowns, many folks had to rely on do-it-yourself (DIY) beauty care. That spurred brands to curate DIY kits that buyers can use at home. Many online video tutorials also contributed to this sector’s growth.
While some DIY products are safe, many others, including hacks, can be dangerous. They can cause severe injuries, skin reactions, poisoning, and even life-threatening complications.
So it’s no wonder that as more salons and spas reopen, wise consumers will choose them over DIY beauty care. That’s especially true for those interested in injectables, such as dermal fillers. Likewise, they’d want trained people to perform chemical treatments, such as facial peels.
Beauty for All
Brands that promote gender and socioeconomic equality will be winners. Likewise, companies supporting inclusive charities and minorities will gain traction in the market. That includes not only customers but also the people behind their operations.
Science-Backed Products Will Reign
Studies found that scientific interest increased during the pandemic. One of the chief reasons was that people wanted to know more about the virus spreading worldwide.
However, for many people, that interest became applicable to beauty regimens. It even led to the rise of consumers nicknamed “skintellectuals.” They’re shoppers who research products and ingredients before buying.
For the same reason, science-backed brands have grown in popularity. So much so that these clinical brands became the beauty industry’s top revenue makers in 2021. That means they outperformed natural, which always used to make the highest revenue.
However, it’s not enough for brands to claim they’re clinical. They must prove that by publishing study results in scientific publications.
Skin Health for Overall Beauty
Acne affects nearly 10% of the world’s population. However, it became more prevalent during the pandemic.
Masks are among the main culprits. They also worsened existing acne, giving rise to so-called “maskne.”
However, even if masks are no longer mandatory, it doesn’t mean acne will resolve overnight. After all, it’s a long-term condition that can leave permanent scars if untreated.
Thus, the beauty industry will focus on products that treat or ease acne symptoms. Doing so can help reduce scars, improve skin health, and enhance skin appearance.
A Safer and Eco-Friendlier Beauty Industry
We hope this guide has helped enlighten you on what’s in store for the beauty industry in 2023. From sustainability to inclusivity, these are the characteristics beauty brands should possess. Don’t forget about scientific efficacy, safety, and cruelty-free.
As a savvy consumer, consider those same factors when buying beauty products.
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