The beauty industry is exploding globally with the UK making up a big part of that growth. The beauty industry is the seventh largest cosmetics market in the world. It is an industry worth £27 billion in the UK alone as of 2020.
More and more of us are investing our time and our money in the beauty industry, whether it be treatments in a salon, laser hair removal treatments, make up, spas or hair care.
So how is the beauty industry growing and what is fuelling this growth?
How Is the Beauty Industry Changing?
As technology has improved over the years beauty treatments have advanced exponentially. Procedures like lash extensions, laser hair removal and LED light therapy have drastically changed the landscape for how people improve how they look and feel.
These procedures have become safer, quicker and more affordable, making them a lot more accessible for people of all socioeconomic levels. Having advanced beauty treatments is no longer reserved for celebrities and people who are well off which has opened the market to a whole new customer base.
What Is Driving Growth in The Beauty Industry?
There are many contributing factors when it comes to the growing beauty sector, with a variety of causes all coming together to contribute to a surge in growth in what has already proved to be a very popular market:
Self-Care – Self-care and well-being have become things that are more prevalent in our society, especially during the recent pandemic. Many of us are now more conscious of our well-being and try to do things to improve our mental health. In our pursuit of self-love many of us find ourselves going to facilities that offer beauty treatments so that we can invest in our personal wellbeing through the beauty industry.
Allowing ourselves everyday luxuries like getting our nails done or purchasing luxury bath products can help to relieve stress and make us feel more confident in ourselves.
Online Influencers – The explosion of the social media beauty influencers has had an enormous effect on the beauty industry. As followers consume more beauty content and receive suggestions and recommendations for how to invest in our beauty routines, more and more money is being spent in the industry. Makeup tutorials are encouraging many of us to spend money on items we may otherwise not have considered.
While lifestyle content is convincing many that investing in nails or hair or skin care is a valuable act of self-love. Even for those of us that aren’t content creators, with more cameras pointed at us more and more often many of us are more conscious of how they look. Because of this many of us are willing to invest in products that make us feel confident and help us to look as good as possible.
Online Shopping – The beauty industry is also thriving because like so much of what we buy today, make up and cosmetic products can be brought very quickly and reliably online. Everything from goose down pillows and bedding to online shopping and groceries can and is increasingly be bought conveniently online.
As brands get more integrated online, the make up industry especially can survive such a change due to the very nature of the products that they offer. People tend to find a product that works well for them and will stick with that brand meaning that there will always be a secure customer base for a lot of the brands and products on offer in this particular market.
Increased Convenience and Accessibility – The online beauty industry is benefitting from global trends in how customers and consumers are able to purchase and receive products and services. Partially facilitated by the increase of online sales and growth and partly due to people’s appetite for rapidity, beauty services have become more accessible and easier to deliver than ever.
Customers can even receive treatments in the comfort of their home, no matter where and when, meaning more people than ever have access to beauty like never before.