U.S. beauty spending took a hit across all categories in 2020, with makeup dropping 36%, skincare falling 13% and fragrance falling 21%, according to NPD Group. Haircare was the only category to see a minimal rise (+3%) year over year.
But that doesn’t mean there weren’t bright spots. In fact, experts note that despite market volatility, the beauty industry saw an evolution that sparked new opportunities for growth and innovation. During a recent panel discussion featuring beauty executives, Aliza Licht, Founder & President of Leave Your Mark, asked pointed questions about how the past year has shaped the industry. Experts discussed:
