The Reasons behind the Booming Cosmetic Industry

At the age of 27 years, Meghan Roark says that there is one thing that she is not proud about. She says that she doesn’t like the fact that she is addicted to makeup. At the moment, she is working as a retail attendant in Abingdon, Virginia. She told the Times that on a normal month, she has to part with $300 to buy the makeup. This consists of items such as skincare and cosmetics. She further says that she has to set aside three hours every week to watch tutorials about makeup on YouTube. This is the only way that she can keep track of the emerging brands as well as learn new techniques for applying makeup. Every morning, she has to spend approximately 30 minutes preparing herself. Half of this time goes to applying the makeup.

However, she is not alone in this habit as young people like her have been the driving force for the lucrative cosmetic industry in America and across the globe. Compared to the trend two years ago, millennials today are getting involved in over 25 percent of the cosmetics being produced. Millennials are getting involved with cosmetics more than baby boomers. This research was done and concluded by a firm in the US known as NPD. According to the research, an average millennial will use approximately six products every day. This is why they are referred to as makeup enthusiasts who are always ready for the camera. Despite spending $300 every month, Ms. Roark mentioned that she had received a gift of a shopping spree by a retailer known as Ulta Beauty.

She said that she used the voucher for cosmetics. She says that while other women love spending their money on clothes, the case was different as she was enthusiastic about cosmetics. The revenues in the same industry can tell the same story. For instance, two years ago, Ulta Beauty had a revenue of $3.9 million. As we speak today, the retailer has a revenue of $5.9 billion. Sephora has also managed to double its revenue in the same period. At times, the estimates might fail as there are countless sales that are made on Amazon. As for Kylie Cosmetics, the company announced that it had managed to make sales of over $420 million in a period of less than two years. Most of its products are sold over the internet, and they retail at $27 and $42.

About Erica Smith 189 Articles

With several years in the medical field—both as a practitioner and an administrator—Erica has a unique perspective on the health industries. From medical technology to cancer research, she covers our health industry.

Be the first to comment

Leave a Reply

Your email address will not be published.


*