Take a look at any e-commerce platform, and you'll see a trending product category that's gaining popularity, especially among ladies – personal care products. Many of us can relate to spending on personal care and beauty items. Let's delve into the history and growth of this billion-dollar industry.
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Ancient Origins: Personal care and beauty have deep historical roots dating back centuries. Ancient civilizations like Egypt, Greece, and Rome used natural ingredients like olive oil and honey for cleansing and moisturizing. Beauty played a significant role in ancient mythology, with stories of divine beauty like Aphrodite and Helen of Troy.
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Profitable Business: The beauty and personal care industry is not only huge but also highly profitable. Beauty and haircare companies often make more than 60 cents for every dollar they earn. This is higher than manufacturing companies, which typically make around 30-40 cents, and retail companies, which usually make between 40 to 60 cents for every dollar they earn (Forbes.com).
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Brand Loyalty: Brand loyalty is a hallmark of the beauty and personal care business. When customers find a brand they trust, they tend to stick with it for the long term. This loyalty can extend across various product lines, and these loyal customers keep coming back for years. For example, someone who loves a particular personal care brand's moisturizer is likely to become a fan of their cleanser, sunscreen, and other products. They might even recommend the brand to friends and family, creating a network of loyal customers.
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Frequent Purchases: Personal care products, including personal care items, are bought regularly, often every one to two months. This regular buying pattern ensures a steady stream of income, as customers continue using these products over time.
As you can see, the beauty industry has a long history, and it's still growing. In 2023, the Beauty & Personal Care market is making around US$625.70 billion, and it's expected to keep growing by about 3.32% each year from 2023 to 2028, according to Statista.
It's no surprise that the beauty and personal care industry has become one of the largest industries recently. Who knows, maybe you can be part of it one day by starting your own personal care brand. If you're interested in becoming a future player in this industry, join our Beauty and Pharmaceutical Business program and get ready.
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