The Business of Beauty
When you hear the word business, do you think of beauty? And when you hear beauty, do you consider the strategy behind what makes it big business? Although beauty and business appear to be on opposite sides of the spectrum, they are closer to each other than you think. Let’s explore the relationship that these two have.
Personal care products have made a significant impact on the economy. With sales in the billions, it’s no wonder that beauty is a major player in the economy. According to studies conducted by PricewaterhouseCoopers (PwC), beauty is one of the most dynamic and innovative industries driving the economy. Some of the key factors impacting the economy include:
- Strengthening the U.S. economy – the beauty industry has added billions in sales to the U.S. gross domestic product(GDP).
- Job contribution – the beauty industry has directly and indirectly impacted the labor market. It has supported millions of jobs that earned hundreds of billions in wages and income.
- Impact on women and business – the beauty industry has been a vehicle to help small businesses and women thrive. Women could probably be considered the heartbeat of the personal care products industry. They account for more than 70% of the industry’s employment.
So what is the strategy behind the significant growth of the beauty industry? Like most businesses, social media has been a catalyst in this growth. Boomers and younger generations have also been big drivers of industry. Boomers tend to have an established routine. For the beauty industry, this translates to brand loyalty. Beauty brands have also appealed to boomers by offering free or low cost samples. The younger generation tends to rely on individualism and freedom to express beauty. For the beauty industry, this means paying close attention to the beauty influencrs of social media.
The personal care products industry has become the source of reliance for millions around the world. This industry ranges in products that improve health and well-being to products that enhance daily living. As this industry continues its growth spurt, it will put its signature stamp on the business world.