As we make our way to the midpoint of the year, it’s time to see where the beauty industry is heading in 2023.
Beauty is already big business, but it’s forecasted to grow faster than ever before. The market saw global revenue at $564.40 billion in 2022 and it’s set to see a compound annual growth rate of 4.76% between 2022 and 2026.
With this valuable industry only getting bigger, where are we now and what’s in store for the world of beauty?
We’ve been looking back for a while now, but in 2023 we’re seeing nostalgia ramped up. When it comes to hair and make-up looks, we’re channelling the 1990s. There’s been the revival of The Rachel hairstyle and a move away from the chunky eyebrows we’ve seen in recent years. There’s also been a resurgence in hair removal, with beauty salons offering hair removing wax treatments including everything from the Hollywood to the Brazilian.
Wellness has become increasingly important, especially after the events of recent years. From the pandemic to the recent economic crisis, many of us are trying to maintain our mental and emotional hormonal wellbeing, with sales of CBD products, vitamins, and supplements on the rise. In addition, many people are treating themselves to massages in order to redress the balance.
Additionally, skincare saw a surge in interest during the lockdowns and this trend has continued. From those adopting advanced AM/PM routines to people following experts like Caroline Hirons for the latest skincare tips, wellbeing and beauty has become interlinked.
The Rise of Socials
Influencers have been around for a while and their appeal isn’t showing signs of waning. Plus, with TikTok being one of the major platforms and Instagram continuing to provide glimpses of celebrity lifestyles, we’re still getting beauty inspiration via social media.
Instagram in particular has enabled brands to cultivate a stronger image and interact with consumers in a more direct way. With live broadcasts where well-known faces showcase their latest beauty hauls and Reels allow us to see tutorials, this is an easy, quick way of accessing the latest trends followed by influential names.
Inclusivity And Equality
A full spectrum of shades is now available, making beauty and makeup accessible for more people than ever before. For example, Rihanna launched a makeup line that prides itself on inclusivity, with a 40-shade foundation collection that even has albino women singing its praises.
There’s still a way to go, but there are steps being taken towards catering for more skin tones.
With more of 2023 to come, the future’s looking bright for beauty.