Anticipating Corona Virus (COVID-19) impacts on the cosmetic industry:
The ongoing coronavirus pandemic has created a seismic shift in living and shopping habits worldwide and beauty has borne a significant brunt of this shopper shake-up, says a retail expert.
The outbreak of coronavirus on a global scale has caused severe economic consequences within the Health and Beauty sphere. The US stock market has seen detrimental impacts in the first quarter with the worst one-day slide in two years, dumping stocks 3 percent. U.S consumers are changing their buying behaviours due to the outbreak, with 27.5% saying that the outbreak has led them to limit or avoid public areas, and so are consumers around the rest of the world. China is specifically facing issues that this epidemic has caused, leading to disruption of the supply chain, projected decreases in revenue and sales within all industries, but especially the beauty industry, as well as the concerns of health within the production factories and other public spaces.
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