Even though the year saw record levels of eCommerce sales, the combination of a lack of disposable income and a reported 17% of people who stopped wearing make-up due to remote working and lockdowns, it wasn’t enough to compensate for the losses.
While the industry is projected to recover and be worth over $463.5 billion to 500 billion by 2027, for beauty and wellness businesses, some things are never going to be the same. The shift in consumer behaviour during the pandemic highlighted not only a need for digitisation in the industry, but that consumers are becoming more aware of the products they use and how they use them.
The shift towards non-toxic formulas, transparent ingredient labels, and minimal environmental impact meant that as the global beauty industry suffered in 2020, clean beauty rose 11% according to NPD. This was supported when 40% of consumers in Mintel’s report on COVID’s impact in beauty retail stated that the source and type of ingredients used to formulate a beauty product is important to them.
