2020 US Beauty May Be Headed For Record Declines, But There Are COVID-19 Opportunities
Kline & Company’s worst-case scenario – which it says is looking more and more likely – has the US cosmetics and personal-care market declining by as much as 8.1% in 2020. However, Kline, Mintel and other market intelligence firms say there are opportunities available to companies struggling to weather the COVID-19 storm.
You may also be interested in...
IFRA’s new chairman Hans Holger Gliewe says one possible positive outcome of the COVID-19 pandemic could be that consumers go on putting a premium on scientific expertise after months of reliance on health experts’ advice. The public’s changed perspective could help drive science-based regulatory decision making, a caused long championed by the fragrance and beauty product industries.
Cosmetics and personal-care manufacturers are certainly not alone in facing unprecedented challenges during the COVID-19 pandemic. Manufacturers today are uniquely vulnerable to supply chain breakdowns, and the current crisis is a perfect storm for impacts to come and already here.
Market researcher The NPD Group identifies the few prestige beauty categories that posted sales growth in the US for the week ending 28 March. Companies that can pivot or ramp up activities in winning segments – and reach consumers digitally while they shelter at home – may fare best during the coronavirus pandemic.