covid impact on beauty industry

While clean beauty isn’t going anywhere, the unprecedented impact of COVID-19 will have implications on the evolution of clean beauty. With the closure of premium beauty-product outlets because of COVID-19, approximately 30 percent of the beauty-industry market was shut down. Megan Cerullo, “Sales of hair-dye kits jump as stuck-at-home workers cut off from salons,” CBS News, March 27, 2020, cbsnews.com. Consumers across the globe are showing by their actions that they still find comfort in the simple pleasures of a “self-care Sunday” or a swipe of lipstick before a Zoom meeting. 3. Sandra Halliday, “Nail care is the UK’s ‘lipstick effect’ in Covid-19 crisis, French brands benefit,” Fashion Network, April 8, 2020, us.fashionnetwork.com. After enduring such a difficult year, Maxwell suggests that beauty will become even more fun and experimental post-COVID. We believe, however, that the industry will remain attractive in the long run. Never miss an insight. Please use UP and DOWN arrow keys to review autocomplete results. Digital upends old models. McKinsey Institute for Black Economic Mobility. Noting the uptick in lipstick sales seen during the 2001 recession, Leonard Lauder of the cosmetics company coined the term “lipstick index” to describe this phenomenon. McKinsey predicts global revenue will fall by up to 30% during 2020. Many beauty brands still heavily rely on the in-store experience to drive sales. How coronavirus is impacting the beauty and spa industry: • 98% of beauty salons have adopted new communication methods since Covid-19 • Derby beauty salon creates "safe space" for people who need emotional refuge during Covid-19 • Lockdown brings spike in skincare sales but make-up declines The beauty industry in India, projected to be worth $20 billion by 2025, was one of the sectors whose path was redefined during the coronavirus pandemic. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. The COVID-19 pandemic remains a health and humanitarian crisis, but the business impact on organizations is now profound. In this section, we take a look at the sector as it stands, analysing product categories, Every industry has been impacted by coronavirus shutdowns, but for hairdressers and other hands-on beauty service providers, it’s been devastating. Press enter to select and open the results on a new page. If you would like information about this content we will be happy to work with you. Not only has it grown steadily, it has created generations of loyal consumers. 7. By contrast, skin-care, hair-care, and bath-and-body products appear to be benefiting from self-care and pampering trends. “What Zalando customers are buying as they’re asked to stay home,” Zalando, April 16, 2020, corporate.zalando.com. 2 This surge in DIY nail care has some speculating that the current crisis’s lipstick effect has an added dimension—the “nail-polish effect.” The global beauty industry generates $500 billion in sales a year and accounts for millions of jobs, directly and indirectly. Coronavirus Vaccines Progress: What’s Next? The lockdown led … Here are three areas in which the pandemic could alter the beauty industry in fundamental ways: While the beauty industry may be in a relatively stronger position than other consumer categories, 2020 will be one of the worst years it has ever endured. tab. 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