While the overall state of beauty isn’t pretty, some regions and categories are performing much better than others, according to a new study by McKinsey & Co.
China’s sharp, 40% decline at the start of 2020 had already recovered by August, helped along by on-shoring of previous travel retail sales, with continued dynamic growth of 8-10% in 2021. McKinsey predicts that the US will return to growth by mid-2021 and will continue growing at a 3-4% CAGR through 2022. In contrast, Europe and Japan will be slower to recover, not reaching 2019 sales levels again until 2022, driven by deeper initial volume loss.
For more on the report, be sure to read the January issue of Happi.