The once steady cosmetics industry has been experiencing a downturn this past year - and surprisingly, COVID is not the only one to blame. Piper Sandler, which conducts a semi-annual survey of U.S. teens, found that Generation Z consumers have been spending far less money on cosmetics than their Millennial counterparts. Instead, the Spring 2021 survey found that this group has become increasingly invested in skincare - so much so, that its spending in the category has surpassed makeup spending. Before the rise in skincare, tech didn't have much of a place in the beauty world. In fact, it was probably one of the few categories that had very little of it. But skincare has opened up a world of opportunity for tech that lipsticks and mascara just couldn't. For starters, skincare seems to have significantly more product categories than makeup, and it has people curious as to whether or not the latest gadget will work for them. Driving that interest is social media and the influencers who openly share their skincare routines with their viewers.
展开▼
