The New Economics of Beauty | Business of Luxury

The global beauty industry has reached $440 billion in retail spending as of 2024, growing at roughly 7% annually—significantly outpacing broader consumer retail. This expansion isn't merely cyclical resilience during economic uncertainty. It reflects a structural transformation in who buys beauty products, what they're buying, and how brands reach them. The risk lies in whether current growth drivers—social media influence, the clinical credibility trend, and the normalisation of aesthetic procedures—represent durable shifts or cyclical phenomena subject to cultural reversal.

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