In recent years, the beauty industry has been undergoing a transformation powered by AI and AR technologies. These technologies offer a personalized experience to consumers, reshaping the way they discover, try, and buy beauty products.
Let’s dive a bit deeper into some essential beauty industry statistics that underline the trends and projections of the industry.
Global beauty tech market: It is predicted to reach $8.93 billion by 2026, which is a growth of over 102% compared to 2022 when it was $4.41 billion.
Extensive, three-year research conducted by Harvard Business School showed that the companies that embraced digital transformation saw an 18% higher gross margin compared to the digital laggards.
Makeup industry statistics within the consumer landscape
Consumers are becoming more demanding, seeking personalized experiences when shopping for beauty products.
The consumer landscape is evolving, with trends pointing towards a greater appreciation for personalization and online research. Here are some important makeup industry statistics that map out the current consumer landscape:
Personalized recommendations: According to a McKinsey & Company study, when provided with personalized recommendations, 76% of consumers are more likely to make a purchase and 78% are more likely to re-purchase, as well as recommend your company to friends and family.
Customer experience: Nearly 90% of customers believe the overall shopping experience a company offers them is just as important as its products and services, a study by Salesforce reveals.
Online research: 57% of beauty consumers prefer to research products online before deciding to purchase them in-store, a trend known as the ROPO effect (research online, purchase offline).
In-store testers: 2/3 of makeup users no longer want to use and/or completely avoid physical, in-store testers.
Beauty AR developments: Key beauty industry statistics
Augmented Reality (AR) is no longer a futuristic concept. It has firmly rooted itself in the present, offering immersive and personalized shopping experiences. Here are the pivotal beauty industry stats surrounding AR technology.
59% of consumers have said they would be likelier to purchase a product that’s visualized through AR.
➥ Smart devices growth
The market for smart devices in the beauty industry – such as AR mirrors – is growing at an annual rate of 18.8% and is expected to reach $144.2 billion by 2028.
Try Arbelle beauty AR
In the booming virtual makeup try-on space, Arbelle stands out as a top solution, offering a range of features that provide a seamless and realistic experience. Here’s why Arbelle should be your go-to beauty AR solution:
Easily and seamlessly integrates with existing platforms
Provides highly accurate tracking and rendering
Provides ultra-realistic virtual representations of physical products
Lightweight technology that ensures smooth real-time performance
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