As the ongoing epidemic rears its fangs in a never-ending fashion, countless industries have seen their fortunes turn 180 degrees overnight. While some industries, particularly those affiliated with ‘Covid-necessary’ items, are now thriving, others have seen their stocks fall…
Like the cosmetics industry, which was essentially one of the largest revenue-makers in terms of worldwide sales.
Makeup Sales Plummeted & Lipstick Sales Dropped by About 30%
According to Business Insider, makeup sales have fallen by 22% in the first quarter of this year, with March overseeing a significant dip in revenue. This is in accordance to data from the NPD Group, a market research firm.
Fragrance sales, on the other hand, dropped by 13%, while skincare sales fell by 8%.
This is a trend mirrored in Japan, where spending on lipstick has fallen by a purported 22.2 per cent from the same month in 2019.
According to one estimate, it could be even higher: the number of lipstick units sold between January and April this year is believed to have fallen as much as 30 per cent from the same four-month window in the preceding year.
Apparently, the steep decline in demand for cosmetics seems to stem from the now-prevalent Working From Home culture, and the fact that masks have been deemed a necessity in most states.
“Sales of all make-up items are down due to the Coronavirus, but the decline in lipsticks is particularly severe mainly due to the wearing of face masks,” a representative of domestic cosmetics giant Kao Corp. said.
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This is a hypothesis supported by several user testimonies
“I’ve stopped wearing lipstick completely because whenever I go out we have to wear a mask and no-one can see, so there is no point,” said Takako Tomura, a 40-year-old housewife from Yokohama.
But like everything else, it seems that the cosmetics industry has begun to adapt to recent circumstances, which may linger on for months or even years to come.
“People already feel less compelled to glam for their new WFH lives. But they are focused on being well, and staying safe,” Wende Zomnir, the founder of Urban Decay, told Business Insider in April. “Brands need to look toward products that are as cozy as our sweats, and caregiving, with lots of skin benefits. ”
She also touted the technology as a crucial medium for driving cosmetics sales. Zomnir predicts that in the coming weeks, virtual sessions with makeup experts, virtual shade matching as well as sampling sessions will become more prevalent, in a bid to encourage customers to buy products.
‘Virtual copies’ of a cosmetic product may also become a thing: through videoconferencing filters, customers will be allowed to “apply” makeup to see how it matches with their profiles.
Business Is Expected To Pick Up
Despite the current situation, experts expect sales to pick up soon. This is due to certain parameters, including the “Lipstick Index”, which refers to how people spend more on little luxuries when they struggle economically.
“The Lipstick Index is real, and I think beauty will see a steady hold or uptick as customers look to their favourite brands to deliver something that makes them look good on camera and adds something new and exciting to their look and their lives at a time when more expensive splurges are out of reach,” Zomnir said.
Zomnir continued: “But this time around, the Lipstick Index is going to be the brow, mascara and liner index as we peer at each other from behind our masks.”
And the representative of domestic cosmetics giant Kao Corp. concurs.
“But as make-up is used not only to enhance a person’s appearance but also to make one feel more positive, we expect a gradual recovery once the crisis is over,” the spokeswoman added. “That will depend, however, on how many people continue to wear masks and for how long.”
However, certain changes may also be observed
In Japan, the trend of lipsticks may shift in a darker direction, as Japanese women may seek to take up more subdued and subtle shades of cosmetics to avoid showiness or exuberance.
This speculation is based on a trend witnessed an entire decade ago, when the March 2011 earthquake triggered a tsunami, killing off nearly 20,000 people.
To end off, cosmetic products have been a mainstay in our lives prior to COVID-19, and they will surely be prevalent even in future generations.
And though the adoption of face masks might have concealed certain parts of our faces, the areas that are left bare will still be subject to scrutiny…
And you can bet that sooner or later, people will begin to coin up new methods to make those areas shine in a whole, new different light.
