The coronavirus took the world by storm in January. And the whole of the world is trying to recover from the damage it caused. From small local businesses to corporate companies, almost every industry took a hit because of the pandemic. And, certainly, this will leave a long-term impact on all the industries.
While each industry has its own struggle, the beauty industry is probably the one that took a huge blow, especially small business owners and freelancers who literally cannot do anything during this time. The concept of social distancing is not possible when you are grooming or styling someone.
The 2008 recession only caused a small fall back to the beauty industry, and it was able to bounce back by 2010. But this global pandemic has completely changed the industry, and its impact will last for the next three to four years.
How has COVID-19 affected the beauty industry?
Most parts of the world went into lockdown in March. And it has led people to experiment with their looks using the products they have at home. From cutting their bangs to giving themselves a manicure, people have started to learn to do everything by themselves. Though this is not a bad thing, this might lead people to eliminate the services.
A few salons that have already been open have been struggling to make a profit. There are no longer waiting rooms, and they are allowed to have only one client and stylist at a time (two if they can be six feet apart), so their income is cut in half. And the salons have to make specific changes like installing handless faucets and soap dispensers, sanitizing everything before and after attending each client. Not all salon owners can afford this.
More than makeup and styling, people are now into skincare and haircare products, due to the self-care trend. A survey by McKinsey & Company has revealed that the sales of self-care products are growing quickly. This has led many manufacturers to put the launch of new products.
Bottom line:
Though the future of the beauty industry seems uncertain right now, it will evolve and stand still in the long run.
