The COVID-19 pandemic greatly influenced consumer behavior for the last two years, but in 2022, the central concern will increasingly be the cost of living, according to research cited in a recent podcast by Mintel titled “The Impact of Inflation on the Cost of Living and Consumer Behavior.”

The global cosmetics and personal care industry took a hit during the COVID-19 pandemic, but industry professionals remain optimistic about the future.

The $8+ billion U.S. nail salons industry, like many other personal services, took a hit last year. The Covid-19 pandemic shuttered many of the nation’s nail salons and revenues plunged.

The latest ExportPlanning estimates for world trade dynamics highlight unfavorable results for the Perfumes and Cosmetics sector, which continued to show bleak performances in Q3-2020, in the aftermath of the Covid-19 shock.

In recent years, the wellness industry has gained widespread popularity for promoting a broad array of products and services related to nutrition, fitness, sleep, yoga, natural remedies, meditation, and self-care.

The global skincare market is fast growing and expansive, ranging from cosmetic products, to over-the-counter drugs, to prescription drugs. The global dermatology market (OTC and prescription) is vast and evolving quickly with forecasts that indicate a global market of €81.9 billion in 2028, growing significantly from €44.1 billion in 2018. The cosmetic skincare market size was valued at €130 billion in 2016.

According to a recent report by Lucintel, the worldwide skincare products industry is forecast to reach $135 billion by 2021, with opportunities in anti-aging, body lotion, sun protection, and multi-functional skin cream.

Facial care, in particular, is expected to exhibit above-average growth. Skincare creams that do double-duty — such as combining sun protection and anti-aging properties — will help boost the market as well.

The United States is the largest cosmetics market in the world, and its total revenue is expected to exceed 62 billion in 2016. However, the global market is still growing, with opportunities in emerging markets throughout Asia, Latin America, and Eastern Europe.

The beauty and cosmetics industry can be broken down into smaller segments including make-up, skin care and lotions, hair products, and fragrances and perfumes. Together, these segments form an industry that continues to grow year after year. To learn more about specific segments and find out about new industry trends, read the post below.

Bluemercury, a brand that describes itself as a luxury apothecary and spa chain, has made a name for itself by offering customers a personalized beauty shopping experience. Based in Georgetown, Washington, D.C., Bluemercury operates 61 stores around the U.S, with 12 more scheduled to open later this year. So what is the secret to Bluemercury’s success?

“We are really trying to deliver very high customer service,” says co-founder and CEO Marla Malcolm Beck. “If you look at the department stores and the way their cosmetics departments are structured, it is all brand by brand. And employees are paid by the brand. So if you go to the Clinique counter in Macy’s or Neiman Marcus, they are going to sell you Clinique products, period.” 

Skin care is a booming industry, as everyone wants flawless skin, and for some, you can’t put a dollar amount on that. The skin care market consists of facial care, body care, hand care, depilatories and make-up remover products and is a $121 billion industry. Now more than ever, consumers are becoming more aware of what they put in, and on, their bodies to stay healthy.