The global online fashion market is predicted to reach $765 billion by the year 2022, a projected increase of $281 billion, or 58%, from this year. In fact, in 4 years, 36% of total fashion retail sales are expected to occur online, up from 27% this year, according to a recent forecast [report page] from Forrester.
Forrester notes that 58% of the global online population has made a purchase online this year, and that roughly half of those have bought clothing, accessories or footwear. E-commerce has a greater impact on the fashion market than the broader retail one: it accounts for 27% of global fashion sales this year, compared to 15% of global retail sales.
Growth in the fashion industry is not just online, though. Overall, fashion retail has seen a positive increase in retail spending, which helps contribute to the above figures.
Here are some other trends in fashion and beauty that we’ve seen recently.
Beauty Industry on the Rise
Just as the fashion industry continues to grow, the beauty industry has seen similar growth over the past couple of years, specifically in the area of skin care. An NPD study [press release] published in January showed that skin care sales had increased year-over-year by 9% in 2017, which was 45% of the beauty industry’s total gains for that year.
A separate study by The Integer Group [download page] revealed that consumers were happy to spend money on facial care items. Over two-thirds (65%) of respondents felt that products such as facial cleansers and moisturizers were worth spending extra money on. Some consumers are even willing to give up other comforts in order to afford the brands they like. Nearly 3 in 4 women (73%) said they would be willing to skip lunch just to be able to afford their favorite brand of beauty products.
Beauty Influencers Prove to Be Highly Effective
Using influencers has made an impact on how beauty companies market their products and look to increase sales. With 71% of social media marketers reporting they have an influencer marketing budget, it’s clear to see that marketers are finding value in influencers. A UK study by Celebrity Intelligence [download page] found that almost all respondents (98%) in the beauty industry felt that digital influencers were effective, with each £1 spent on influencer marketing bringing about an average ROI of £8.81.
Influencers are also overtaking celebrities as preferred brand representatives. The research shows a shift to influencers being the top choice for project talent. In fact, 83% of marketers said that influencers were their top choice for upcoming projects.
It’s Not Just Women Influencing Beauty Sales
Women aren’t the only beauty influencers. According to an Ipsos survey of “affluent consumers who are influencers” in the US, while the majority (63%) are female, over a third (37%) are male. It’s also worth noting that these consumers (termed “affluencers” in the study) spent 52% more on male grooming products than other shoppers. These findings align with a study by YouGov that found 29% of Millenial men say they have a skincare regimen.
Here are some other beauty influencer statistics of note from the survey:
- Nearly half (49%) of beauty influencers are millennials and 36% are from Gen-X.
- Only 15% of influencers are from the Baby Boomer generation.
- Women influencers spend 73% more on skin care products than other shoppers.