The Beauty Industry is Declining but How Do We Fix It?

Family! How are you? I haven’t been around much I know. I’ve been traveling, I’ve been goofing around in my fandoms, and I’ve just been taking it slow with beauty lately. Unfortunately, the beauty bubble has broken. Repetitive product releases, price increases, and tons of other chaos has just made it a less than magical experience lately. I know many of you feel the same way that I do. I’m trying to ease myself back into writing but almost as soon as I open a new post I end up staring blankly at it and struggle through trying to find something witty to say.

We’re entered a really interesting era in beauty. The lipstick index is being completely redesigned by zoomers or Gen Alpha. They’re out there shopping little luxuries like bag charms with lipstick being pushed to the sidelines. After years and years of double-digit growth we’re finally seeing the economic downturn in the beauty industry. Have you seen the steep loses beauty brands have reported lately? It’s pretty bad. Makeup and beauty is no longer recession-proof and the lipstick index, which has long since been the go to been measurement of the recession is slowly being dismantled by a new generation of consumers.

So who reported losses, who closed down, who’s still around, and who’s on the chopping block next? It’s a lot of loss lately with Coty reporting up to 6% sales decline and they have announced plans to lay off over 700 employees. Mother stepped into LV’s shoes but LVHM has a failed to see growth this year and L’Oreal posted a more reserved 3.5% growth report which is a massive fall from grace considering the double-digits we’ve seen from them in the past. Both Estee Lauder Companies and Shiseido continue to slide further and further down hill. Interestingly enough the post pandemic we saw such a spurt in skincare and self care with venture but we’re seeing a decline in that are as well!

So. what’s the problem? Value-seeking beauty lovers haven’t stopped purchasing it’s just that they may be consuming beauty on a different level now and a different demographic. You may feel beauty fatigue but those who indulge and use Tiktok as a way to consume their beauty content are of a different age and demographic. That being said, that group, isn’t necessarily propelling sales. But what will? And will beauty ever return to it’s glory days of old?

Fewer releases, more innovation, better pricing, less shrinkage, and other factors will perhaps help the beauty community to climb back up the ladder but whether or not it will actually secure it a spot in makeup lovers hearts remains to be seen.

What needs to be changed to revive your list for beauty? Do share your thoughts! I’d love to hear them!

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