The Gen Z consumer is a serious goal for beauty brands, as their spending power is important and exponentially growing. In line with a Bloomberg report in 2021, Gen Z commands $360 billion in disposable income. McKinsey published its “The Beauty Market in 2023: A Special State of Fashion” report in May, which found the wonder industry generated roughly $430 billion in revenue last yr.
Furthermore, the consulting firm said the industry has been making “a solid recovery because the height of the COVID-19 pandemic” and projects growth by 6 percent a yr, to succeed in $580 billion by 2027. The report authors project that premium beauty tiers will grow at an annual rate of 8 percent from 2022 to 2027, as...
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