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What is the business forecast for makeup companies around the world?


This news story was published on August 28, 2020.
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Since the beginning of time, makeup brands have always been primarily judged by how effective their product is overall. The average consumer did not necessarily focus much on how makeup is created, what impact it has on the environment, and other factors. With smarter, more informed consumers, the makeup industry must be more transparent and open with shoppers than ever before. 

When viewing the future of makeup and cosmetics, a lot of changes are related to transparency and companies becoming more imagine-conscious. Not only is competition as fierce as ever and innovation is on the rise, but COVID-19 is shaking up the industry as well. What is the overall forecast for the makeup industry? Expect some changes like in any other industry, with the list below highlighting a few major ones.

New ethical standards

There were very few labels that touted qualities such as “cruelty-free” and “vegan” with their makeup even a few years ago. However, the average customer is becoming a lot more knowledgeable about unfavorable practices behind the scenes with makeup. Consumers are less likely to support companies that take shortcuts and have unethical practices that do not line up with their beliefs.

Veganism is also on the rise in makeup, even compared to those who follow a vegan diet. Just about everyone who is a vegan from a diet perspective will also look for vegan makeup products. There are plenty of people who eat meat but still prefer vegan makeup as well. With more and more options becoming available, it seems like the trend is heading to the point that vegan could become the norm rather than the exception.

Multiple-use options

There are still a lot of people who could open up a small store of their own with all the makeup they have collected over the years. However, the trend seems to be going towards reducing the number of makeup options at home, opting for multiple use solutions instead. This can eliminate the bulk a bit, and focus more on buying what works.

Consumers are taking a minimalist approach in many other areas other than makeup. Not only is it a way to eliminate waste and save space, but having a simplified makeup routine just makes for a less complicated daily routine. They can get exactly what works for the skin, and have go-to options without having to play the guessing game.

There are so many in-depth reviews and online videos for people to view a product that consumers are willing to take risks without ever seeing a product in person. This was a problem in the early days of shopping online, as no one knew for sure what they were ordering and how it would line up with expectations. A versatile, multi-use option will be of some use for almost every person.

Companies have started to adjust to this way of thinking from a consumer standpoint, as there are multi-use and easy to apply makeup options out there from top companies. As one example, direct sales makeup company Younique who was founded by a Leukemia survivor has actually reduced the number of products they offer, focusing on the multi-use approach and essentials to make the shopping experience easy. Further increases are possible for their members if they recruit others as sellers, from whose sales they receive additional commission, while sellers are encouraged to recruit other people to become presenters.

Eco-Friendly and Sustainable, without sacrifice

Sustainability also matters for the average customer, as they want to make sure that the natural ingredients used in the makeup can perform at the same levels as synthetic options. Finding the right set up so that natural solutions still stack up well it is tricky, but companies are having more success than ever before.

There was a time when customers did not care too much about an entire ingredient list for makeup. As long as the FDA regulated a product, it was enough assurance for most. These days, companies are trying to be as transparent as ever, especially when standing out from the competition. If they have a 100% vegan makeup option, they want to showcase that quality. 

In some scenarios, synthetic over natural might still be necessary. Synthetic makeup options might be trending down, but if companies can explain to consumers why it is necessary, they will likely receive little backlash. This connects back to the importance of transparency.

Simplified packaging

The packaging for makeup is another factor few consumers cared about in the past. Now, consumers understand that packaging can contribute to excess waste. The product packaging itself matters, but even shipping has evolved.

By reducing waste and making packaging much easier on the consumer overall, this fits in with the overall minimalist approach that more and more companies are adopting.

Companies are striving to make products that are 100% recyclable. With so many products purchased and not entirely used from beginning to end, makeup waste adds up. From the containers holding makeup to the makeup itself, recyclable options make sense.

Increased direct sales

Some companies have been reliant on direct sales for makeup for quite a while. From old established companies like Avon and Mary Kay to new-aged companies like Younique, the direct sales option has always been there over the years. People have more options than ever to order online through virtual presenters, bypassing traditional meet-ups.

It seems as though Younique is one company that has really embraced the virtual presentations as well as social media to gain a following. They have been proactive in giving people options to learn about new products instead of forcing one particular method. Some people only care about meet-ups, but others want to view and order everything without leaving their home.

Some consumers are taking time getting used to this new way of shopping, but it is opening up sales opportunities for forward-thinking, creative presenters all around the world. With the right lighting and set up, presentations can be just as effective over the internet compared to being in the same room.

The trend online in many different industries has been eliminating the middleman. Instead of having to pay increased prices by being forced to pay someone else carrying a product, people can buy direct and save money. Shipping all over the world is getting inexpensive, and that helps cut down costs as well. As people become more conscious about how much money they are paying, every little bit of savings adds up.

Creating a new norm

Too many companies in makeup have focused on specific looks meant for particular occasions. Going forward, there is going to be an increase in individualism as consumers want to embrace their own unique look and feel empowered. Companies willing to offer those solutions will thrive.

A lot of this comes down to how companies present themselves online and in other forms of advertisement. From working with particular celebrities to offering new products, consumers want to create a different look instead of only following a few trends. Online platforms have offered up more individuality than ever before, and being different is embraced.

Brands will attempt to align themselves with a specific mindset and lifestyle that encourages self-expression. If brands come off as feeling stuck in the old way of thinking, it will quickly alienate the next generation. Consumers want to feel connected to the companies they rely on for makeup, and it is up to companies to figure out that formula to bring in consumers from all walks of life.

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