The beauty industry experienced significant growth from 2021 to 2023, with annual in-store sales increasing by 6.8%. However, a recent decline in foot traffic indicates a transition towards online shopping, accounting for 41% of beauty sales, with Amazon leading this shift. New trends also highlight the rise of social commerce, particularly through TikTok, which now represents 2.6% of market share. Social commerce encourages impulse purchases, altering consumer behavior. Despite concerns over data privacy, TikTok is regarded as more trustworthy than Facebook or Instagram among beauty shoppers, reshaping how products are marketed and sold.
The growing foot traffic to beauty retailers signals a transformative moment in consumer shopping, shifting from in-store to online and social commerce.
In-store beauty product sales grew by an average of 6.8% annually between 2021-2023, but this growth has stabilized and foot traffic is now declining.
More than two-thirds of purchases via social commerce are impulse-driven, highlighting a shift in consumer behavior and the influence of platforms like TikTok.
E-commerce now captures a significant share of beauty sales, with 41% occurring online, especially through Amazon, indicating changing shopping patterns.
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