Beauty and business: Why the industry keeps growing

Image source: pinterest.com

The beauty industry is a multi-billion dollar business. From makeup to clothes, the market for beauty never seems to be satiated. Financial experts believe that the industry will continue growing, despite economic slumps and global economic fluctuations. That said, it is important to understand why. There are various hypotheses, but the two most popular ones are listed below:

It serves a biological purpose: Science will say that the main objective of humanity is to procreate. Each is hardwired to look for potential mates and choose another person with whom they can have healthy children with. The choosing aspect of this age-old game involves appearing more attractive or simply, appearing more "mate-able." Beauty products enhance attractive physical properties in the person and can hide other traits that may not be.

It is a great economic and psychological concept: Research has shown that experiences dramatically change the way the brain functions. When a person experiences intense emotions (whether it is something good or bad), the brain alters to adapt to these situations. Fashion revolves around pleasure, and also on fear. Trends often last only a few months, creating an assumed need to have that piece of clothing or that coveted lipstick. When a person is fashionable, or wearing something attractive, he or she is often complimented, which triggers the reward system in the brain. The individual wants to have more experiences like these and becomes more inclined to follow the trends.

The business in beauty is truly an interesting topic, and scientists are only now taking the time to research thoroughly on it. It would be interesting to note what will be further revealed through future data.

Image source: vogue.co.uk

As the leading force behind the Estee Lauder brands, William Lauder understands the beauty industry inside and out. For more expert insights, follow this Twitter account.