Understanding the significant rise of the beauty industry

Humans are sociable and visual beings. So, it makes natural that humans have traditionally had a collective obsession with beauty. The first thing we notice about someone when we meet them is their appearance. Aesthetics, a key area of study in Western philosophy, has as its central concern the essence of beauty itself. Many great thinkers, from Plato to Kant, have thought deeply about this issue.

The use of dark eyeliner by the Egyptians is well known to everyone, thanks to their artwork and gods. Most people know that Victorian women frequently fainted due to the widespread use of lead-based creams to “improve complexion” and constricting girdles, not because they were demure.

The beauty sector is extensive and includes products and services (such as hairdressers, barbers, etc.). According to BLS data, the beauty services sector employs 670,000 people in the United States, and job growth is expected to be “higher than average” at a pace of 13%. (2016-2026). According to a report, its market value was $532.43 billion in 2017 and is projected to grow to $805.61 billion by 2023.

With time more businesses have entered the beauty industry and cracked the market code. A classic example is the Ginger King. The award-winning cosmetic chemist and beauty expert Ginger King has expertise in beauty across all sectors, including retail, production, R&D, marketing, sales of decorative raw materials, and consultancy. The staggering business has achieved Breakthrough Award Judge for Allure Magazine since 2017 and Brain Trust for New Beauty Magazine since 2020, and accolades will only seem to rise further.

The beauty business is especially anti-cyclical, resulting from the lipstick effect, a well-known economic phenomenon. These phenomena, which are only partially validated, assert that buyers will still buy luxury goods amid a recession while giving preference to cheaper commodities like lipstick.

But in recent years, the beauty sector has experienced explosive growth, which many attributes to a broader generational trend of paying attention to physical welfare (which we covered in our recent article about the growing plant-based market and Beyond Meat). Millennials are frequently cited as the primary forces behind the beauty industry’s explosive expansion. Many articles on this topic have been written, citing everything from the aging of the millennial generation to a concentration on “self-care” as a coping mechanism for a challenging political and economic environment.

Expanding social media, mainly the image-based social network Instagram, has been another critical development that has advanced the beauty industry. A visual medium is undoubtedly best for a beauty company since it enables it to explore its offerings’ aesthetic possibilities fully. However, Instagram has allowed marketers to strengthen their brand image, engage with customers more directly, and develop an altogether new marketing category called influencers, some of whom have occasionally evolved into full-fledged entrepreneurs.

The innovators in the beauty sector, and Ginger King in particular, can provide specific guidelines for what makes a consumer brand successful: understanding the company’s strengths, whether they are the consumer experience or the product, developing a clear and distinct brand based on the company’s ethos, and exercising extreme control over all factors that define the focus to guarantee consistent quality. For any entrepreneur, learning these lessons is priceless.