With US$350bn spent every year on luxury goods, you would be forgiven for assuming that a sizeable chunk of that is poured into beauty.
But of that impressive $350bn, a fractional $20bn is currently going towards the creams, cosmetics and services that keep us looking and feeling good at an elevated price point.
That, as suggested by McKinsey, is poised to change.
The beauty industry is evolving. Traditional approaches that once differentiated luxury from the mass market just aren’t cutting it anymore.
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