Economies world over are experiencing a hard time with some of the nations in the European Union already on the brink of major economic disaster. While this has generally seen people cutting down on expenditure and the excesses, it seems for now that the beauty industry is somehow strangely immune to this effect.
Despite the urban middle class being all the more cautious when it comes to spending cash on luxury products and expansive holidays, high-end beauty products still seem to sell better than ever before.
The global beauty market has seen a constant upswing in the last few years and while the financial analysts look for clues that will help them unravel this mystery, the answer might lie more in the way we think and perceive the world around us, than in sheer numbers and economic prudence.
While many are turning to DIY home beauty remedies for solutions, the bottom line still is that people are willing to spend money on quality beauty products despite the tough economic times.
Products like lipstick, nail polish and even tanning supplies have seen a raise in the sales and many analysts now believe it is the emerging markets and developing nations such as Brazil and India that have the biggest potential to sustain this upswing with largely untapped areas.
With both Latin America and South East Asia just opening up and embracing the global beauty product firms, it seems only natural that the coming years will see a similar upswing despite the tough financial times. As far as the developing markets go, it is the US that still leads the pack in growth with a sales performance that was best in the last 5 years.
The trend in the sales of beauty products might slow down as emerging markets get saturated, but it should continue in a positive fashion in the years to come thanks both to growing “cosmetic consciousness” and popular media.