The beauty industry is big!
Research done by the Business Wire (2015) reveals the cosmetic industry alone totalled ‘revenues worth USD 460 billion in 2014, which is anticipated to reach USD 675 billion by 2020’. Another study from the Daily Mail (2011) finds that the average woman spends USD 164,000 on make-up over the course of her lifetime. This is equivalent to USD 65 every week. What is more, cosmetic manufacturing is considered one of the most profitable businesses. Manufacturing equipment and machines cost relatively little, and raw materials are inexpensive. Cosmetic products can be marketed as premier luxury products with high margins, yet the material costs may be as low as 2%, while the main ingredient of conventional cosmetics by and large is water.
A notable chemist and cosmetics researcher once stated that charging more than USD 100 for a vial (ounce) of any serum is unwarranted. Yes, there are some special ingredients that are costly and some companies invest in extensive research that goes into developing products in high-tech scientific laboratories, as well as in market research. However, as the chemist explained, when prices go above this level, it is just maxing out snob appeal. It is widely known that there are two main areas on which cosmetic companies spend most of their budgets: Expensive bottles and marketing.
As the founder of Aveda Corporation, Horst Rechelbacher, noted in his first book published in 1987: ‘By and large, the cosmetic industry spends more time and money on packaging and promotion than on the value and quality of a product’s ingredients.’ He continued: ‘We, as consumers, must learn how to select products that are truly natural and reject those which are not. If we do not create a demand for pure, natural products, the sources of lifelong health and beauty will continue to elude us.
Have you thought about this?
I invite you to ponder over this and perhaps consider how you would like to treat your skin and your body.
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Photo credit: https://www.refinery29.com/en-us/2016/03/106738/beauty-industry-influencers