Is the beauty industry indestructible?
Throughout the history of humanity, beauty has been an important factor for all levels of society. In 2021, the industry that has grown up around beauty continues to develop, branching out in many different directions. Beauty is a booming business that can quickly, efficiently adapt to new trends – staying modern, current, and perfectly reflecting societies beauty standards for each period.
While the beauty industry has been around for centuries, it has shown itself to be surprisingly resilient in the face of economic downturns. In fact, the industry has actually grown during periods of recession, as people look for ways to feel good about themselves on a budget. For examples, economists use the ‘Lipstick Index‘ as a determining factor of a country being in recession – which is a trend that shows people are more likely to buy small, luxury goods (like lipstick) when they are experiencing financial strain.
So, is the beauty industry indestructible?
Not quite. While it is certainly possible for the industry to weather tough times, there are some challenges that could potentially disrupt its growth. For example, increasing regulation around the world could lead to higher costs and make it more difficult for new players to enter the market. Additionally, growing concerns about the environment and sustainability could lead consumers to reconsider their use of certain products and packaging.
However, despite these challenges, it seems likely that the beauty industry will continue to thrive in the years to come. The statistics we have seen show that generally, beauty doesn’t seem to suffer much when there is a financial crisis. The fluid nature of beauty makes us question if it is indestructible. Check out our infographic below to see what we’ve found.