Or at least, so says this article in the Economist, which notes:
…”Analysts at Goldman Sachs estimate that the global beauty industry:consisting of skin care worth $24 billion; make-up, $18 billion; $38 billion of hair-care products; and $15 billion of perfumes:is growing at up to 7% a year, more than twice the rate of the developed world’s GDP. The sector’s market leader, L’Oréal, has had compound annual profits growth of 14% for 13 years. Sales of Beiersdorf’s Nivea have grown at 14% a year over the same period.
“This growth is being driven by richer, ageing baby-boomers and increased discretionary income in the West, and by the growing middle classes in developing countries. China, Russia and South Korea are turning into huge markets. In India, sales of anti-ageing creams are growing by 40% a year, while Brazil has more”Avon Ladies”(900,000) than it has men and women in its army and navy. Although the industry’s customers are predominantly women, it is increasingly marketing itself to men too.” …
