This video explains PESTLE Analysis of Beauty Industry
The beauty industry is diverse, comprising more than just makeup and skin care products. You cannot forget about the small stuff like toothpaste and deodorant. But even though the products in this industry are endless, they all focus on selling one specific idea: a better you.
Beauty brands supply the tools to improve your appearance and, by proxy, your feelings about yourself. Toothpaste makes your breath smell better. Deodorant stops body odour. Makeup makes lips bigger and erases dark circles.
Beauty brands know that people need products for certain occasions too, like when job hunting or when meeting up for a spicy date.
Every company selling beauty products are liable to follow strict regulations and this PESTLE analysis of the beauty industry dives deeper into these facts.
Political Factors
Product safety is a hot topic in the in many countries including United State. It is more openly discussed in the cosmetic segment of the beauty industry since these products are designed for skin-to-skin contact. Companies will need to report ingredient statements, recalls, and register manufacturers. Watch the video to learn more
Economic factors:
Sure, after the secession, customers became more price conscious, deciding to buy only what they need for survival, but that is the thing. Beauty products have become a necessity like eating or having a roof over their head. People will always feel the need to have shampoo and soap in their bathroom. Watch the video to learn more
Social factors:
Hair removal, skin care, nail salons, hair styling, plastic surgery clinics, massage parlours, medical spas, and perfume bottles are all relevant to the beauty industry. And if you walk up into any of these aisles, you will find dozens of brands offering you nearly the same product. Watch the video to learn more
Brand loyalty spreads horizontally too. Someone finds their favourite shampoo from Company A and then sees a new moisturizer made from the same guys. They buy the moisturizer because they already love the shampoo. It is not a huge leap to think they will love another product Company A launches. And it goes on, and on, and on.
That is why new beauty companies are constantly fighting to get attention in such a saturated market. Watch the video to learn more
Technological factors
The internet really did revolutionize the beauty industry. You can buy almost any product and get it delivered to your home in a day or two. That is good and bad for big name brands like L’Oreal and Dove. I say these two, because they have been in the beauty game for decades. And once upon a time, they were only fighting amongst similar brands to keep their products on the shelves. Watch the video to learn more
Legal factors
Ingredients in the beauty industry are tricky.
Law enforcement agencies monitor ingredients based on their use while ensuring that there is no misinformation branded on the products. If there are issues, the product may not reach shelves. They may even require a recall.
Environmental factors: An attempt is being made, but the effects are small
The beauty industry is focusing more than ever to try and go “green.” Their packaging is becoming increasingly eco-friendly for less stress on the environment. But there is still a growing issue with heavy plastic usage within the cosmetic and skin care segments. Watch the video to learn more
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