Most of the 650,000 outlets that offer professional skin care products in Europe have been closed since mid-March due to the coronavirus pandemic, with no clear indication of when most re–openings will occur. In fact, COVID-19 may mark a permanent closure for many of them, particularly those in the spa channel. For marketers with a digital footprint—be it via their own website or other e-tail channels—the loss will be slightly less impactful.
There’s nothing pretty to say about this: The U.S. cosmetics and toiletries market is on track to experience the sharpest decline ever recorded in the 60+ years Kline has been tracking the market due to the COVID-19 pandemic. So far, the 0.8% drop in 2009 during the last recession is the biggest market dip ever reported by Kline. The only other time Kline noted a market decrease was a 0.3% falloff in 1991 amid another recession.Continue reading