Report introduction: At a glance
What's in this report?
Introduction
Top 5 insights:
Global beauty industry, estimated revenue decline, 2020
Estimation based on current trends and scenarios most expected by McKinsey. Source: McKinsey & Company
Key market challenges addressed
The Covid-19 pandemic has placed unprecedented challenges on the beauty and personal care industry, leaving no brand or retailer untouched.
Data from McKinsey estimates a decline of between 20-30% for global beauty industry revenues in 2020, while global consulting company Accenture’s Global Lead of Consumer Goods and Services, Oliver Wright tells Cosmetics Business that “beauty has been one of hardest hit consumer categories in the ongoing pandemic.”
Beauty has gained a reputation as a largely recession-proof industry, but Euromonitor International says in its report The Impact of Coronavirus on Beauty and Personal Care that the unique economic, legislative and lifestyle factors surrounding consumption in the current circumstances of the Covid-19 pandemic will challenge the industry both in 2020 and beyond.
The difficulties that bricks-and-mortar retailers were experiencing pre-Covid accelerated as entire countries went into lockdown. Over the past three months, Neiman Marcus and JCPenney have filed for bankruptcy, Macy’s announced it was considering rescue capital and Debenhams entered administration.
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The Red Tree Consultancy
The Red Tree is the UK's leading international beauty brand consultancy. We develop and steer your ideas, challenge your thinking, and deliver results. We have an unparalleled...
Bespoke Advantage
Bespoke Advantage is a London-based consultancy, with over 60 years combined experience, specialising in supporting our international client base in developing and building...
- Companies:
- Estée Lauder Companies
- Euromonitor International
- Free the Birds
- Debenhams
- Seen Group
- Kantar
- Mintel International Group
- Procter and Gamble
- Shiseido
- Aesop
- Walgreens Boots Alliance
- Pai Skincare
- Ulta Beauty
- Nails inc
- Accenture
- Beautystreams
- Nordstrom
- Deciem
- Knight and Wilson
- Biovene Cosmetics
- Base Beauty Creative Agency
- British Beauty Council
- Spate
- Wild Deodorant
- Il Makiage