Seemingly overnight, the novel coronavirus outbreak has transformed the $500 billion global beauty industry.
The change was first reflected in sales. Makeup sales in the U.S. fell 58% on March 23 to March 28 from a year earlier, according to NPD group, a market research firm. According to a survey by investment bank jefferies, the epidemic has dragged down global cosmetics sales, with about 90 percent of women refusing to wear makeup when they work from home.
In addition, the closure of stores and the policy of home quarantine led to the strong growth of online e-commerce business. L 'oreal, the French beauty giant, reported a drop in global cosmetics sales of about 8 percent in the first quarter from a year earlier, while e-commerce sales surged 52.6 percent.
Thirdly, beauty brands begin to make full use of and rely on social media such as Instagram, Facebook, WeChat and live streaming platforms to directly interact with fans.
Finally, there was a shift in the category of hot items: lipstick sales declined, while lip balm, eye makeup and nail art increased.