Over the years, the demand for top-quality and premium personal care & cosmetic products among individuals has been rising steadily, which has driven the global luxury cosmetics market in several ways. At the same time, the growing trend toward using vegan-based cosmetic products has supplemented the market growth even more. For instance, in 2020, Avon Products Inc., came up with sativa oil collection based on cannabis plants. It can be incorporated in a wide variety of cosmetic products including body lotions, cleansers, creams, and many more.
According to Allied Market Research, the global luxury cosmetics market is anticipated to portray a striking CAGR from 2019 to 2026. The changing fashion trend among the fashion enthusiasts has also been beneficial for the industry, while rapid urbanization and rise in disposable income of people have also boosted the market growth to a considerable extent.
Increasing penetration of the Internet has played a major role in increasing the sales of luxury cosmetics on several online platforms. Surge in foreign direct investments is again one of the prime factors accountable for the growth of the luxury cosmetics market. The renowned manufacturers across the sector are looking to infiltrate the potential markets for considerable expansion prospects. For example, recently, India came across huge penetration by means of foreign direct reserves. The country documented an outlay of thirty-one billion US dollar in the first quarter of 2015, significantly higher in comparison with twenty-eight billion US dollar in China and twenty-seven billion US dollar in the United States throughout the same tenure. Most importantly, the Indian government has encouraged an array luxury brands by easing out standards for FDI.
Other top companies across the world have also adopted several avant-garde strategies such as product launches, mergers, acquisitions etc. to strengthen their foothold in the industry. For instance, when Estée Lauder brought forth their Small Wonders Luxury Fragrance Discovery Collection, a delicate yet wonderful mini fragrance set citing their full magnificent fragrance range, GPA Luxury, another renowned name in the luxury world, was delighted to team up with the brand in crafting the very packaging suitable for this gorgeous gift.
The luxury Fragrance collection, by Estée Lauder, is enthused by the sensations of the natural world. From the floral splendor of Dream Dusk to the floral records of Paradise Moon, the collection has been perfectly refined to transport the senses of the user to an extent of some breathtaking set-up.
The proficient team at GPA Luxury, on the other hand, have surpassed themselves, formulating a modest yet sophisticated and graceful set of packaging which is meant to safeguard the product within while accentuating on its beauty too, thus offering a pure luxurious experience.
Covid-19 scenario-
Here, it’s worth mentioning that the outbreak of the pandemic resulted into the closure of most of the stores selling luxury cosmetics items. Especially, the sales of the first-quarter of 2020 weakened to a great extent. Also, the disrupted supply chain created a lot of issues. Nevertheless, the sector had mostly responded to this global health crisis positively by swapping its brand manufacturing to yielding hand sanitizers and cleaning agents. Free beauty services were also offered to frontline workers in certain countries.
Simultaneously, the Covid-19 pandemic has given way to emergence of peripheral technologies including top-end skincare analysis that is AI-enabled and simulated try-on features. The top beauty brands had no other choice than transforming from a one-dimensional sector to something more complete and all-inclusive, since there was a greater emphasis on health & wellness. The major players in the industry are now trying to stick to the eco-friendly dictums while manufacturing products. Companies such as Estee Lauder and L’Oreal have fixed new targets to come out as carbon neutral, while many others have been trialing out recyclable business models and refillable packaging. That’s how synthetic beauty products are also gaining huge popularity.
L’Oreal has recently presented Perso, an AI-powered expedient for providing and crafting highly customized skincare products. The app seems to utilize data from an uploaded selfie, collect skin care problems of the user, and track location data, so as to dole out personalized formulations to the consumers.
Author’s Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing on miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest for creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last four years.
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