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Mask mandates and travel restrictions led to the cosmetics industry witnessing an 8% year-over-year decline in sales last year. However, consumers’ shift to organic products and new beauty trends has been helping the industry rebound this year. Moreover, increased advertising and e-commerce sales are driving the industry’s growth.
Rising consumer spending and increasing foot traffic in brick-and-mortar stores should drive the industry’s sales growth this holiday season. The global cosmetics market is expected to grow at 5.3% CAGR and reach $463.50 billion by 2027. So, both ELF and REV should benefit.
