Will The Indie Beauty Brand Boom Continue Next Year
I expect there will be a continuous boom of beauty brands next year. According to the Wall Street Journal and Orbis Research, the beauty industry will go up to $805.61 billion by 2023, and it was $532.43 billion in 2017. Another factor is the millennial and generation z consumers are straying away from synthetic products, and they are questioning each ingredient as they read the back of the labels.
Another factor is that it’s easier to market your brand and product through digital technology and social media than ever before. When I do store demonstrations, some customers take samples and say they will look at my brand online. This means that first-time product users turn to social media for product reviews. It’s also easier to outsource beauty products with fewer quantities as some contract manufacturers are now understanding and working with small startup indie beauty brands and helping these beauty brands in their initial stages.