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Next generation thinking for the ‘new normal’

The beauty industry is at the heart of the British economy. In 2018, UK consumers invested £27.2 billion in beauty products and services.

According to the British Beauty Council in its 2019 Value of Beauty Report, £10.4 billion was spent on personal care and maintenance, while £8.7 billion was dedicated to personal enhancement products and a further £8 billion in beauty services. 1 On a global scale, the beauty industry generates $500 billion in sales per year 2 and accounts for millions of jobs, both directly and indirectly. So, when COVID19 (coronavirus) was declared a global pandemic by the World Health Organisation (‘WHO’) in March, the impact to the economy was huge.

Prior to this unprecedented event, between personalised experiences and try-before-you buy products, in-store shopping accounted for up to 85% of beauty product purchases. But with a worldwide lockdown in place, approximately 30% of the market closed down. 3 Brands and their retailers reduced ranges to ensure they could supply via more complex online retail channels and consumers ceased buying as they were now not going out. Fashion and beauty were simply going to have to take a back seat for a while, as consumers were more worried about their health and wellbeing than how they looked.

Collateral damage was felt across the board – premium beauty outlets, manufacturers and formulators were furloughing staff in new product development, while simultaneously transitioning manufacturing lines to produce handwash, soaps and sanitisers. As demand for skin care products continued to soar, the personal care sector was under pressure to not only meet those volumes but ensure the efficacy and quality of formulations were also unaffected.

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Upcoming Events

in-cosmetics Global

Paris Expo Porte de Versailles
16th – 18th April 2024

NYSCC Suppliers' Day 2024

Javits Center, New York
1st - 2nd May 2024

9th Anti-Ageing Skin Care Conference

Royal College of Physicians, London
25th - 26th June 2024

in-cosmetics Korea 2024

Hall C, Coex, Seoul, South Korea
24th - 26th July 2024

in-cosmetics Latin America 2024

São Paulo, Brazil
25th - 26th September 2024

IFSCC 2024

Recanto das Cataratas Thermas Resort, Iguazu Falls, Brazil
14th - 17th October 2024

Access the latest issue of Personal Care Magazine on your mobile device together with an archive of back issues.

Download the FREE Personal Care Magazine app from your device's App store

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