McKinsey Predicts Global Beauty-industry Revenues To Fall 20 to 30 Percent in 2020
Beauty industry generally growing steadily and attract long-term interest for investor in the global scale. Not only it has created generations of loyal consumers but during crisis e.g., 2008, industry growth dropped slightly and bounced back a year later.
McKinsey has explored nine scenarios for the economy over the next few years, based on epidemiological trends and the effectiveness of economic-policy decisions. Based on the scenarios most expected by global executives and current trends, we estimate global beauty-industry revenues could fall 20 to 30 percent in 2020. In the United States, if there is a COVID-19 recurrence later in the year, the decline could be as much as 35 percent.