As I look back at the beauty landscape of the past year, it is clear that we are no longer riding the post-pandemic highs.
Instead, the industry is settling into a reality that is more complex, uneven and refreshingly more honest.
While many reports continue to forecast exponential growth, the data suggests a more nuanced story – beauty sales grew in 2025, but this was set against a backdrop of persistently weak consumer confidence.
We have moved away from the days of prestige for prestige’s sake. Today, when a consumer reaches for a luxury item, it is rarely about the logo – it is about a value recalibration.
As Space NK CEO Andy Lightfoot observed, today’s customer is "shopping high and low” – perhaps pairing a £300 Byredo fragrance with an entry-priced Rare Beauty mascara because both brands offer a "payoff" that justifies the investment.
In this climate, performance and quality are the primary currencies, along with a deep desire to be part of a community, and this dynamic looks set to stay for the long haul.
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