A leading financial services company expects the beauty industry worldwide to lose nearly $200 billion in 2020, thanks to COVID-19 — an unprecedented hit for a business that has generally been considered recession-proof.
COVID is keeping people at home and forcing them to wear masks, both of which work against the beauty and skin care business.
“Beauty habits change when the consumer is at home – 90% of women indicated they’re wearing little or no makeup while working from home as they are generally taking a more relaxed approach to their beauty routines, choosing to focus more on self-care vs. makeup glam,” reports Baird, a global financial services company.
Which begs the question: How are Vermont’s beauty and skin care businesses holding up? Vermont has a surprisingly strong beauty and skin care sector, from large contract manufacturers like Twincraft and Autumn Harp, to boutique businesses like Ogee and Ursa Major.
As it turns out, the silver lining in this grim COVID-19-driven scenario is the focus on self-care. Baird highlights strong demand in its report for hand sanitizers and hygiene products, and medium demand for facial and skincare products, as well as shampoo and body care products.
“Beauty routines are evolving and focusing more on self-care to provide a sense of normalcy during these anxiety-ridden times,” Baird reports.
Contact Dan D’Ambrosio at 660-1841 or email@example.com. Follow him on Twitter @DanDambrosioVT. This coverage is only possible with support from our readers.