Amid COVID-19, the global beauty industry has been witnessing a significant decline in revenues and growth rate. According to the statistics by McKinsey, the global beauty industry revenues could sink by 20-30% in 2020.
With this report, How the Beauty Industry Seizes COVID-19: the Evolution of Digitalization, you will gain actionable insights in the beauty and wellness industry during the pandemic time and changes of consumer behavior amid and after COVID-19.
THE REPORT KEY TAKEAWAYS:
Sales Have not Fully Bounced Back After Reopening
Although the lockdown is being lifted across the countries with the reopening of businesses and ease of border controls in some nations, sales have not fully bounced back. Mall-based stores even take longer to recover fully.
Consumers Preferred Skincare Products to Color Cosmetics
Since the perception of beauty has developed over the years, such as looking healthy, personal hygiene, building confidence and self- esteem, the “clean” to “conscious” movement in beauty will be reinforced.
The Second Wave Scenario
There are many concerns and predictions about the second wave of coronavirus coming back later this year. All brands must prepare to offer more of these digital services, products, and channels, to be able to reach and maintain online customers worldwide. New AI/AR experiences will become the norm.
E-commerce: The Evolution of Digitalization
The significant shift towards the digital world caused by the virus outbreak might be resulted in long-term transformations to consumer behavior and channel sales of personal care and beauty products, as more customers tend to consume online.