Cosmetic Industry Information to Benefit You!
The Canadian Cluster Will Focus on Research on Cosmetic Wellness and Modern Social/Cultural Consumer Habits
As of 2020, the beauty industry is worth close to 500 billion dollars USD. This global industry has been long thought of as an industry that has unlimited potential in product sales. New innovations in science have led to better products being developed. As we approached the mid 20th century we saw that cosmetics were no longer a luxury but a part of everyday life. In 1944, the British government likened cosmetic products to cigarettes and beer. These items were a necessity for the common man not just for the select few wealthy.
Companies and formulators are in a never ending race to launch a new skincare line or a different shampoo formula. There is a neverending need for new products by consumers. They are eager to try and use a new type of product with the promise of everlasting beauty and youth. The question to ask is why do we need cosmetic products? What is the importance of beauty? Traditionally beauty was linked to health, it was a sign of strong genetics. Signs of youth were associated with fertility. That has been the driving factor for the cosmetic industry for centuries. The last two decades have presented a change in the industry comparable to the industrial revolution. This has largely been due to the growth of the tech industry. Consumers have also changed. Women who were the traditional cosmetic buyers are no longer bound to domestic life and responsibilities. Women have a place in government, business and science. Birth and marriage rates are down in most developed countries. The modern consumer seems not to care about attracting mates and fertility. If the consumer has moved away from its traditional mindset, what are the factors that are leading the industry to its astonishing growth?
The Canadian Cosmetic Cluster is dedicated to providing these answers. We will partner with academic institutions, corporate sponsors and relevant organizational partners to conduct research on the psychology of the cosmetic consumer and the benefits of self-care rituals.
By studying in-depth how the use of cosmetic products affect us, will help us understand the value of products and provide a more precise picture of the industry. The benefit of the global cosmetic cluster is that it allows us to connect to different countries, different markets. This provides a global understanding of the subject. How does political instability affect consumer habits? Do areas with higher millennial populations have higher sales around the world? What is the driving factor in buying skincare, is the act of self-care. Do cosmetics make us feel good psychologically and physiologically? We are beginning to gather research on the topic. There is still a greater deal of research to be done. The Cluster is committed to supporting companies who strive to show cosmetics as self-care aids.
Canadian Cosmetic Cluster Team
Uniting Canadian Cosmetics and Bringing it to the World