While direct selling comprises a small proportion of beauty and personal care sales in North America, (less than 10% in 2022), the pandemic has brought new challenges and opportunities for players. Euromonitor International takes a closer look at how direct selling in North America has evolved since the emergence of COVID-19, highlighting strategies beauty players are undertaking to secure future success.
According to Euromonitor International, the world beauty and personal care market size will grow to USD547 billion in 2027. Asia Pacific is the key driver of this growth, accounting for 67% of the growth value. With the region being seen as the future strategic focus, global beauty companies are investing in the following three areas in Asia Pacific: premiumisation of brand portfolio, solid R&D foundation in Asia, and virtual and interactive shopping experience.
At a global level, post-pandemic recovery in 2022 was tempered by deceleration, in constant terms, driven by high inflation, rising unit prices and strained supply chains. Euromonitor International takes a deeper look at five key trends that are adding value for consumers and impacting beauty consumption.
Skinification is rapidly spreading across beauty and personal care. Euromonitor International explores the US consumer interest in skinification supported by self-care trends, highlighting future opportunities for players.
As more consumers demand products and services to meet their specific needs, companies are racing to build bespoke offerings lest risk being left behind. As tech advances, industries are rushing headlong into the new market for personalisation, in some cases without understanding the motivations of the clients they are trying to satisfy. Euromonitor’s megatrends series will examine these Personalisation Seekers to determine where this concept is heading and who will drive demand moving forward.
As beauty and health products become more expensive amid high rates of inflation globally, consumers are forced to be more selective about the products they spend their money on. The result has been a polarisation of spending across the product categories.
The COVID-19 pandemic and related restrictions sent shockwaves through China’s beauty and personal care industry in 2022 and crippled consumers’ beauty spending. But with the lifting of zero-COVID measures in December 2022, the market heads into 2023 with strong signs of recovery.
Mental health has emerged as a key consumer demand in the years since COVID-19. This briefing will examine survey data to understand how consumers are managing stress, where they go for support, and what other health issues they suffer from. It will also review the emerging marketplace for multi-benefit mental health products by using Euromonitor’s Via e-commerce database to examine innovating product approaches and contemplate the direction that the market will go in the coming years.