The beauty industry is famous for being a recession-proof choice of career. It has established this name for itself by withstanding almost every economic turmoil in history with a brave face and emerged relatively unharmed.
If you are looking to make your career in the beauty industry, then this article is for you. This is where we will crunch some numbers and look at how feasible it is to step into the beauty industry in today’s time.
Historic Performance Of The Beauty Industry
The United States of America has braved many economic downfalls since the 20th century. The gravest economic downturn of the 20th century was the Great Depression of the 1930s. That was a time when over 25% of Americans were unemployed. Despite the grave situation of the 1930s, the beauty industry turned out just fine. While most industries struggled for their very existence, the beauty industry only faced a little stalling.
That’s not all. Americans today have not forgotten about the Great Recession of 2008. That was another intense crisis that the USA had to suffer through. And while a lot of companies were shut down and wiped off the face of the markets, the beauty industry was still stable.
And if that’s not convincing enough, you can look at the beauty industry in the 2020s. We have gone through a global pandemic that led to supply chain disruptions, the shutting down of businesses, and overall chaos in the economy of the world. And before we could completely leave that crisis behind, we fell into a wave of geopolitical tensions. Through all these extreme threats, the beauty industry has still managed to uphold a substantial sense of stability.
The numbers and data in the section that follows will give you statistical and quantitative proof of the resilience of the beauty industry.
Beauty Industry Stats: 2014 – 2027 (Projections)
The table given below shows the revenue generated in Billion USD in the years 2014 – 2022 and also presents the forecasted value of revenue generation in the year 2027. Note that this data has taken into consideration the fluctuations in the global economy due to the pandemic and geopolitical instabilities as well.
|YEAR||TOTAL REVENUE IN BILLION USD||SKINCARE REVENUE||COSMETICS REVENUE|
Since the year 2014, the revenue generation of the beauty industry has been showing an upward graph. The graph of growth did not fall even in 2022, merely 2 years after a global pandemic wreaked havoc on the global economy.
In fact, by the year 2027, it is projected that the beauty industry revenue will cross the 100 Billion Dollar mark!
The major contributors to the revenue generation of the beauty industry have been the segments of Skincare and Cosmetics. The skincare segment is projected to grow from 15.62 Bn USD to 24.13 Bn USD in 2027, while the cosmetics segment is going to follow suit and grow from 14.48 Bn USD to 22.50 Bn USD in 2027. Both of these segments are expected to show an approximate 1.5 times growth despite encountering economic obstacles such as the COVID pandemic, geopolitical tensions, supply chain disruptions, etc.
The Beauty Industry Is Here To Stay – And Slay!
Not only has the beauty industry been surviving major ups and downs of the global economy, but, as the numbers show, the industry has been thriving and growing too! It is one of the fastest-growing and most resilient industries and a substantial part of the credit goes to the skin care and cosmetics segments.
Especially with the rapid boom of social media, the beauty industry is seeing a growing number of young consumers entering the market. The world is becoming smaller with such interconnectedness of social media platforms. Skincare routines and daily beauty definitions are being redefined. More people are starting to look at skincare as a part of daily routine rather than a one-off luxury reserved for holidays.
With this boom in the newest generation of consumers, the skincare industry is bound to accelerate the growth of its own, and along with it, that of the beauty industry as a whole.
In short, the beauty industry is here to stay – and to slay!