A lot has changed over the course of a couple of weeks. COVID-19 has not only impacted our daily lives but has changed the way our society functions as a whole. Here are four major aspects of the beauty industry that have been impacted by the coronavirus.
The entire fashion industry has taken a halt. Canceled runway shows and photoshoots have put makeup artists and hairstylists out of jobs. Beauty editors for magazines are now also working from home. Additionally, due to the virus, magazine sales are expected to decline over the concerns of reading physical print magazines. According to the data platform BlueToad, 70% of consumers are concerned while reading a mail delivered print magazine, newspaper, or journal.
A majority of salons have closed as they have been considered ‘non-essential’ businesses by government officials. Places like hair salons, nail salons, waxing services, and spas have closed due to how high-risk and close contact these professions are. Unfortunately, many of these stores are also small businesses that will be impacted by the closure of their stores.
Elective surgeries and cosmetic procedures have also been put on pause. Due to the growing amount of COVID-19 cases, specialized physicians like plastic surgeons and dermatologists have been asked to volunteer as emergency health providers in cities where hospitals are overwhelmed.
Since the coronavirus outbreak, cosmetic sales have generally declined. Coty Inc. which includes some of the most well-known beauty brands like Covergirl, Rimmel, and Bourjois have projected that they will see a 20% decline in overall sales for their third fiscal quarter. In efforts to boost revenue, companies are now focusing on online sales and launching products on Amazon. Additionally, corporate cosmetic offices have resulted in reducing employee hours and furlough.