In 2024, the U.S. cosmetics and beauty e-commerce industry is expected to generate approximately $88.5 billion in sales, and is projected to reach more than $94.5 billion by 2026, as market research firm Statista recently reported. I am. Influencers such as TikTok and Instagram have a significant impact on brand popularity and subsequent product sales, and are a major driver of this anticipated sales growth.
To gain more insight into which beauty brands are expected to see significant growth in 2024 based on their performance on social media, and to learn more about what cosmetics and personal care product manufacturers can do by keeping a close eye on beauty brands’ social media trends. We interviewed our director, Alexander Rawitz, about what you can learn. CreatorIQ Content Marketing.
Rawitz presented her research on these topics at Cosmetic Executive Women’s (CEW) recent beauty industry digital event. He also has extensive career experience analyzing trends for beauty and fashion brands, and in 2021, after working in the market research and publishing team at influencer marketing software company Tribe Dynamics, he was promoted to his current role at CreatorIQ We focus on analyzing the insights of Enthusiast Marketing trends. Across multiple industries.
Important points of presentation
“Based on our analysis of 2023 data, we can expect beauty brands poised for significant growth in 2024 to fit a specific profile,” Rawitz explained during his presentation. When identifying these profiles, the social media presence of these brands reflects their “engagement” (likes, comments, shares). [is] “It’s growing faster than the number of impressions (the total number of people who viewed the content),” he explained.
As for the social media platforms on which these high-performing brands excel, we read: “While Instagram continues to drive the majority of online conversation, TikTok’s engagement share has increased year-over-year and TikTok continues to grow. It will continue to serve as a key growth driver for the brand.” It’s faster,” he shared.
For beauty brands interested in creating a notable presence on social media, Rawitz offered additional insight. “As it relates to being visible on social media, brands need to understand that organic enthusiasm is more important than ever to success,” he said.
For example, he explained: [estimated media value, or] EMV is typically an unsponsored beauty routine or a substantive, heartfelt shout-out from an official brand partner. ” Based on his data analysis, this means that sponsored content, or “Spon Con,” no longer resonates with consumers.
Manufacturers, suppliers and beauty influencer trends
Manufacturers and suppliers in the cosmetics and personal care products industry can therefore track beauty brands’ social media trends and influencers who influence the rise (and fall) in popularity to increase consumer spending on beauty product formulations and hero ingredients. Gain valuable insight into customer demand.
First, Rawitz said, “Make sure your product is ready for the big stage.” As detailed in CreatorIQ’s 2024 Influencer Marketing Trends Report, “The number one factor that makes creators want to work with brands is a genuine love for the product,” he explains, and “product quality. The percentage of creators choosing this as their most important factor increased this year (56%) compared to last year (43%).”
The second is to “focus on colored cosmetics,” as “bold looks that lend themselves to short-form tutorial content are in fashion right now” and are currently very popular on social media, he said. . He said that while “viral tricks come and go” in the cosmetics industry, Rawitz’s research found that “this is a broad shift in the market that shows little sign of slowing down.” Ta.
Finally, he concluded, “The complementarity between skincare and cosmetics remains strong, with more brands coming together to cover both categories.” In these fields, cosmetics and skin care are steadily becoming more multifunctional, and “crossovers are all the rage, whether it’s skin-friendly cosmetics or skin care products that incorporate the world of cosmetics.” ” Ravitz said. He said.
For manufacturers and suppliers looking to apply these insights to their ingredient R&D and product formulation processes, we encourage them to look at the brands mentioned in the presentation and analyze their best products. I recommend it,” Rawitz said. This includes K18, sodium. , Dr. Dennis Gross, Miel Organics, Creed.
He also highlighted “notable 2023 launches that have generated online buzz for their respective brands,” including Creed’s Aventus Collection, Summer Fridays’ Dream Lip Oil, Refye’s Red Collection, and Road Skin’s Peptide Lip Tint. I have listed a few.
Therefore, areas of focus for manufacturers and suppliers in 2024 may include lip products, complexion products, and products that sit at the intersection of cosmetics and skin care, Rawitz advised.
Another surprising area of potential interest in product development in 2024 is fragrances, he added. “I was surprised (if perhaps not surprised) by the strength of the fragrance industry, and Creed is just one example,” he said. “But Dior He also saw a big surge in fragrances,” Kayali et al.
What’s Next: Predictions for 2024
Based on an analysis of business performance in 2023, Mr. Rawitz summarized by saying, “We expect color cosmetics, skin care products, and fragrances to continue to be popular as we move toward 2024.” , CreatorIQ’s proprietary metric for measuring virality found improvements across the board year-over-year. ”
This is noteworthy, he declared. Because “this is rare and doesn’t apply to most of the industries we analyze, we think the momentum in these categories will continue.”
In addition, Rawitz also said, especially considering that “some of last year’s signature product launches came from beauty and personal care brands reaching out across the aisle to partners in other industries. “We expect and encourage even more collaborations between brands in 2024.” Think RHODE Skin and Krispy Kreme as successful examples. ”
