Beauty, one of the consumer categories hit hardest by the global coronavirus pandemic, will bounce back fastest, experts predict.
The industry’s resilience can be attributed to its pace and agility, says Audrey Depraeter-Montacel, global beauty lead at Accenture. “Luxury is all about heritage and has a long history. Beauty is an innovation-led industry, which is why it has been able to adapt more quickly.”
The global beauty market, which generates $500 billion in sales a year according to consulting firm McKinsey, is set to surpass 2019 sales despite the pandemic’s setbacks. Fashion, meanwhile, is not expected to recover until