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Will the cosmetics industy be hard hit by the coronavirus recession?
Not only more and more people are wearing masks, which may get stained by color cosmetics,
the economic recession (depression?) left many people jobless overnight, so most people are pinching every penny, thus not buying cosmetics? -
6 Replies
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I suppose some cosmetics will be hurt (color cosmetics) while others may see growth (skin lotions, cleansers). It’s hard to say. I doubt a pandemic will make people happy about whether they have wrinkles or not. I would think anti-aging skin care will continue to sell.
It will be interesting to see what happens.
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I think a good place to look would be reddit on the trends, so at least on there, people are looking for hand creams due to frequent hand washing and also products that reduce breakouts due to the face mask. However, as they are working from home or in self-quarantine, there are also people taking a break from their normal routine or going “caveman” as what they would describe. Color cosmetics would likely take hit if people are required to wear masks or if the length of people staying home increases.
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You may find this interesting: https://blog.euromonitor.com/redefining-the-lipstick-effect-examples-of-recession-proof-categories/ Basically, the thesis is that if people don’t have the money to treat themselves with big ticket items, they buy “affordable luxury” such as nice cosmetics as little treats. But this may not apply if this recession gets worse than the great depression and people have to pinch every single penny.Also, at-home substitutes for salon treatments (boxed hair dye, nail products) could be expected to do well.
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https://dfw.cbslocal.com/2020/03/27/hair-dye-kit-sales-covid-19-at-home-workers-salons/
absolutely on the home kits, Madison Reed reporting 750% increase!
@jemolian you look on r/skincareaddiction or one of the other subs?
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@EVchem mainly r/SkincareAddiction since i’m there most of the time.
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@Belassi If you think your business went down the drain and you’re in deep shit, meet Julio Cesar (fast forward to 19:40) :smiley: .
I know, totally OT but still an interesting documentary I happened to stumble upon.
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