Makeup is and always will be something people love. Throwing on a red lip and some mascara can change your whole mood. That love of makeup hasn’t gone anywhere.
But, it may not be what it used to be. Although makeup is still very much loved, it isn’t the thriving industry it was just a few years ago. And there are a number of reasons for that.
First of all, many beauty lovers have steered away from makeup and decided to focus more on skincare. The idea that working on what’s underneath the makeup will help you require less makes sense.
And the skincare industry has taken off. With new brands popping up daily and more and more transparency about ingredients, it is easy for shoppers to get hooked.
People have changed their beauty values. Younger shoppers aren’t looking for what their mothers bought. They want something new and innovative. They want smaller companies doing great things.
Today’s shoppers also want less waste, so instead of stockpiling makeup as was once the norm, they are taking their time when it comes to shopping.
The older makeup brands just can’t keep up with the new trends. Smaller independent brands have quick turnarounds and know how to reach the consumer with their values. Many of those values focus on the self-care that skincare and natural makeup offer.
Traditional makeup brands are losing the younger clientele to a new way of doing beauty.
Not to mention COVID-19. The pandemic kept everyone at home for nearly a year. Without in-person work meetings, dates, and nights out, makeup just wasn’t as much of a necessity.
Most people didn’t put makeup on just to sit around at home, so, once again, skincare took the lead. And, with everyone wearing masks, makeup just wasn’t needed for most people.
In 2020, the beauty industry around the world saw significant drops in sales from the year before. Of course, people were spending their money stocking up on toilet paper instead of mascara, but still.
With things looking up, doors opening, and restrictions ceasing, will the beauty industry recover? Maybe.
It seems like brands are once again dropping new launches. But, it also looks like those launches are leaning towards the skincare realm.
There are lots of cleansers, moisturizers, and serums launching. But, it seems like the natural and minimalist look is leading the way when it comes to makeup.
The makeup industry is definitely changing, with mascaras, cream blushes, and lip glosses taking over for eyeliners, matte liquid lipsticks, and bronzers.
On top of the shift in makeup trends, the way we buy makeup has changed too. Most beauty retailers have seen substantial growth in their online sales, while in-store sales continue to fall.
Even though stores have reopened since the shutdown, it looks like shoppers are clinging to their online shopping. Drugstores, where many people would shop for beauty products while picking up prescriptions or a birthday card, are losing sales.
It seems like people aren’t spending as much time in stores, just wandering around to see what catches their eye. Instead, beauty shoppers are sticking to the internet. Some retailers are using sales and special to clear out their inventory.
And, if COVID case numbers begin to rise again, the beauty industry as a whole could fall up to 35% in revenue. So, is the makeup industry dying? Maybe not, but it certainly is changing.