Report: Global online beauty and personal care market to soar
The global online beauty and personal care market is set to exhibit a growth rate of close to 17 percent until 2020, according to a report by Technavio analysts.
The report suggests that the predicted growth of the global online beauty and personal care market is due to the rising popularity of digital payment services such as PayPal, which allows consumers to pay without revealing their card numbers.
The report also reveals that an increase of millennial shoppers is fueling the growth of online retail channels because most consumers belonging to this population segment are tech-savvy, price-sensitive, and prefer shopping online. It has been noted that almost 41 percent of millennials visit physical stores to appraise merchandise they want to later purchase online at a lower price.
Although the market for halal cosmetics was a very niche one a few years back, a recent surge in demand is also believed to contribute to the growth of the online beauty and personal care market. The halal market was valued at USD 20 billion in 2014, and is expected to double its revenue by 2019.
Finally, the high amount of time spent online by US consumers is furthermore encouraging beauty and personal care marketers to expand their product offerings through digital platforms. As of 2014, approximately 279 million people in the US were internet users.
Technavio is an international market research company.
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