#Business about skin

Q1 fragrance sales were astronomical, both for brands and for retailers, which gives me hope that color cosmetics will be quick to follow afterwards. We’re starting to see it in fragrance, of all places. We found that if you left it vague and asked people, “When the pandemic ends, how much do you expect to spend on cosmetics versus what you’re spending now?” you would see a significant rebound. In the midst of the pandemic, we conducted consumer research, specifically in color cosmetics. Are you foreseeing a beauty boom?Įmma Spagnuolo: I am.

Some experts are predicting a Roaring ’20s: people spending a lot of money again and “peacocking.” They’re predicting a beauty boom, a rapid recovery in color cosmetics-based on both the patterns that have played out in China and a sense that people want to get back to dressing up, putting makeup on, and being out and about again. I’m curious to hear your predictions about postpandemic beauty. We’ll talk about the business side of things. Monica Toriello: If this were a different kind of show, I would ask you the brand of every product you just mentioned. But I’m probably brands’ and retailers’ favorite customer right now. So I’m both bucking and following the trends. So, for instance, if before I was a “purely color cosmetics, hardly even a moisturizer” person, I now have a serum, a moisturizer, a sunscreen, and then a fuller cover-up on top of that before I start my makeup. I did follow the trends, though, in that I created a skin- and hair-care routine for myself that I’ve never had before in the past. Even though I had to buy them online, I was trying new things and experimenting at home. But my spending is quickly shifting back to what was my prepandemic normal.Įmma Spagnuolo: I went absolutely crazy with color cosmetics because it was something exciting for me in the pandemic. On the other hand, I’ve definitely increased my consumption of skin-care, body-care, and hair-care products, as well as what we call DIY products, since getting my nails done in a salon or getting my hair cut wasn’t an option. Part of it was just not being able to go try fun things in stores but also having just fewer occasions to wear makeup. My makeup consumption has definitely decreased.

Sophie Marchessou: Mine has followed what we’ve seen in global trends. How have your own beauty routines changed this past year and a half? She started her career at US-based retailers Abercrombie & Fitch and Bloomingdale’s, and she joined McKinsey about six years ago. Emma leads our work in the beauty industry in North America. Emma Spagnuolo is a McKinsey partner who lives in New Jersey. She moved back to Paris in late 2019, and Sophie now leads McKinsey’s work with beauty companies globally. She’s been with McKinsey for over 12 years, and she lived in New Jersey for about eight of those years. Sophie Marchessou is a partner based in McKinsey’s Paris office. On today’s episode, we’ll be discussing some important trends in the beauty industry, one of which is the growth in unisex products and men’s products. I say that because often when people hear “ beauty industry,” which is our topic for today, they think, “Oh, it’s going to be all about products for women.” So to our male listeners, I want to say to you, that is not true. (Megan Lesko Pacchia and Kristi Weaver contributed to the research cited in this episode.) An edited transcript of their conversation with executive editor Monica Toriello follows. In this episode of the McKinsey on Consumer and Retail podcast, McKinsey partners Sophie Marchessou and Emma Spagnuolo share their outlook for the industry. But the industry has been resilient in the past, and experts are predicting a return to growth in 2022.

#Business about skin

The beauty industry-encompassing skin care, color cosmetics, hair care, fragrances, and personal care-had a beast of a year in 2020: sales of color cosmetics fell by 33 percent globally, while overall retail sales in the beauty category declined by 15 percent.