By Infinium Global Research Aug, 2020
A digital strategy such as social media platforms and online channels is driving the growth of the market. Currently, the companies are also focusing on the social media platform to get directly connect with their customers. Makeup is the most pulsating category in the luxury cosmetics market and it is the key driver for the growth of this industry. The companies are offering a variety of innovative products to satisfy the growing demand of customers to experiment with their looks. Growing per capita disposable income in the emerging economies in the Asia Pacific, Latin America, the Middle East, and Africa reflects the rise in high net worth individuals every year. On the other hand, counterfeit product affects sales and goodwill of luxury cosmetics and beauty products manufacturers, thus hamper the growth of the market. In addition, the price associated with luxury cosmetics is high, as these are niche products with a high element of customization attached to it. However, restraining the growth of the market. Ease of availability of luxury goods through E-commerce to combat fake products is likely to bring opportunities to the market. The demand for natural and organic products is likely to bring new opportunities for the small player in this market. Moreover, the key players are investing more capital in emerging countries to the extent of their global reach and to capture more opportunities.