What the Rise of Indie Brands Reveals About the Beauty Market
The brands customers invest in represent more than just the purchasing of goods. For some consumers, it means using and representing products they feel personally connected to. Take, for instance, the indie brand phenomenon, privately-owned companies at which the founders are still the primary decision makers. Specific demographics are drawn to these brands thanks to their niche appeal and the lifestyle needs they might address for certain buyers. Though indie brands are thought to represent just 5 percent of total beauty market revenue, they’re growing at a 20 percent annual clip, due in large part to increased visibility and publicity brought on by Millennial buyers. In the past, independent beauty brands needed to eclipse $100 million in annual revenue to draw major corporate attention, but the proliferation of social media and word-of-mouth marketing is now a driving force in beauty brand success. The NPD Group’s Makeup In-Depth Consumer Report found that influencer YouTube videos inform the decisions of 92 percent of makeup users. The ubiquity of indie brands signifies a shift for the whole beauty and skin care industry going forward. Here’s what we could see happen: Product variety:Indie brands’ partnerships with popular retailers help these smaller brands scale faster, promote more, and even […]
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