Technology has officially doubled down on the $445 billion dollar beauty industry with everything from smart mirrors to AR-enabled sites that lets customers try on a product by swiping eyeshadow or lipstick over a selfie.
The global beauty industry is currently enjoying a 5% growth from last year, with over 70% of sales growth driven by younger consumers and social media influencers. Take Lancome Cosmetics who’ve broken out beyond the brick and mortar stores and upped their sales game to Snapchat where one of the 72% of Millennials using the platform can swipe up to buy a Lancome product when they see the ad for it.
82% of women believe that social media is driving beauty trends, and men are in the beauty game too, with a $50 billion industry devoted just to their product needs alone.
Today discussing the growth of the beauty-tech industry is Pree Walia of Preemadonna and the NailBot and Colleen Daddino and Giorgio Dellacqua of The Society of Cosmetic Chemists.
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