As the global pandemic has forced many consumers to work from home, the use of skincare and makeup products is down, resulting in a 20% decline in revenues for the industry.
According to data acquired by Fraicheur.com, 90% of women who work from home use little to no makeup, leading to changing daily beauty routines that could cost the beauty industry $175 billion in 2020.
The beauty industry is usually resilient when faced with economic turmoil, but COVID-19’s impact on the beauty industry is undeniable, said Fraicheur CEO Ingrida Cerniauskaite.
“Our acquired data shows that we are looking at a rare loss of revenue,” Cerniauskaite said. “Yet, there is hope in the online market. As our customers move towards shopping online, so should our businesses.”
During the financial crisis of 2007-2008 industry losses were comparatively minor. However, the industry losses of for 2020 could climb to 35% if there is a second wave of the pandemic before the end of the year.