File this under: “News We’re Actually Excited to Share.”
The beauty industry is THRIVING. (Imagine there’s clapping hands emojis in there… THRI *clap* VING *clap*)
It’s not just surviving. It’s not just making end’s meet. It’s not just “doing well for the times.”
We’re talking about record-breaking sales days.
Consistently high engagement rates.
Promotions that are the best in the company’s history.
So what’s this all mean?
What’s Been The Trend?
In talking with our Account Managers who work with our beauty clients over the past month, almost everyone noted that sales were up across the board.
As the economic impacts of the pandemic extended into April, we wondered if sales would taper off. But as time went on, sales were maintaining their high level or even increasing. Since mid-March, sales have been steadily high, as brands maintain their successful advertising and organic social.
Why Is the Beauty Industry Thriving?
People are prioritizing self-care. In a time when everything is uncertain and anxiety levels are high, people are recognizing the importance of taking care of themselves. With people
Testing out new looks. Look, the boredom is real during quarantine. Why not watch a tutorial and experiment with a new look?
Stocking up on products they usually buy. Those who haven’t been as financially affected by the hit to the economy are buying what they’d usually buy, and potentially stocking up online as retailers have closed, which explains the lift in direct online sales.
Is Every Beauty Brand Doing Well?
Not every brand is following this general trend. Some of the beauty brands we work with have experienced sales dips, but it’s sometimes hard to tell exactly why.
What Happened When Stimulus Checks Hit?
Surprisingly (or unsurprisingly), nothing notable.
None of our beauty brands saw a huge lift in sales from April 14–16, when the checks were direct deposited for many Americans.
Sales were already high, since self-care has become essential during quarantine, and people used their stimulus checks to either buy necessities (rent, food, etc.) or non-essential items they had been holding off on buying (Animal Crossing, probably).