According to data released by Mckinsey & Company in May 2020, the global beauty industry is expected to lose revenues of up to 30% percent this year, due to the effects of the COVID-19 pandemic.
Though the past two months witnessed a steep decline in make-up sales, some positive changes have been made in the skincare sector, according to Dr D.H. Cho, CEO of Green Alley, the first USA distributor devoted to finding only the cleanest skincare brands in South Korea.
Cho continues: “What people are looking out for today are the core basics essential to their daily skincare routine. Additionally, we have seen a rise in sales of self-care and at-home treatment categories for specific skin concerns, especially in acne, blemishes and eczema related products.
“Since the outbreak of the pandemic, many people have become more conscious about what they and their families apply to the skin in search of safer and more effective ways to ensure their wellness.”
The natural beauty trend was already quite dynamic pre-pandemic but has been further escalated during the coronavirus. Cho notes that given the realities of physical distancing and mask-wearing, heavy make-up has become less of a priority.
“Instead, people are now more keen on products that can liberate them from feeling constrained underneath the masks we all have to wear. With people slowly adapting to what is the new normal, this trend is likely to continue, even as people return to stabilised life,” he concludes.