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With the cosmetics industry earning record revenues, with niche sectors, such as “men’s” and “organics” rapidly gaining market share, and with social media, eco-consciousness and cause-based consumerism greatly impacting product purchasing decisions, the cosmetics industry is an ever-changing behemoth that’s become integral to the national economy. But, what makes this insatiable industry tick, and will it continue to thrive amid consumers' collective quest to remain youthful, attractive and self-confident?
Veteran cosmetics executive Edward Schack, principal of EES Cosmetics Solutions, Inc., offers insight on past and current personal care industry trends and how the beauty industry has become far more than skin deep.
Buoyancy of the ‘beauty bubble.’ Despite an ailing recession, the U.S. cosmetic and toiletries sector generated more than $10 billion in revenue last year from 13,000 beauty-centered stores nationwide, according to Ibis World Reports. How will the industry remain recession-proof?
The burgeoning men’s cosmetics sector. American consumers spent $4.8 billion on men’s grooming products in 2009, according to market data firm Euromonitor International. In 1997, the figure was half that—$2.4 billion. The fastest-growing men’s segment is skin care (nonshaving products such as facial cleansers, moisturizers and exfoliants), with the category growing more than fivefold during the period, to $217 million from $40.9 million. A 2009 report by market research firm Packaged Facts also expressed optimism for the men’s cosmetics sector.