Will coronavirus halt the beauty boom?
The coronavirus pandemic is set to cause the steepest decline the beauty industry has ever seen — at least in the 60 years that Kline, which is predicting the dip, has been in business.
“A decline of 2.5 percent in 2020 [is] the most likely outcome, with the best-case scenario reflecting a 1.5 percent gain and the worst-case scenario at an 8.1 percent drop,” Kline said in the report. “Given the current state of the pandemic, with lockdowns now inching closer towards summer months, our current worst-case scenario may, in fact, become the most likely scenario.”
Kline predicts that hand sanitizers and soaps, as well as shampoos and deodorants, will do well in the short term, while facial skin care and nail polish may decline in the near term, before picking up as consumers turn to them for routine’s sake. Fragrance and makeup are predicted to be “can-wait categories,” and Kline predicts they will “decline sharply.”
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