The beauty industry has seen large growth in the last few years. From basic drugstore brands to expensive designer brands, makeup is becoming an essential in the life of the younger generations. As soon as one beauty product blows up on TikTok, the items are rapidly emptied off the store shelves.
Since 2021, the beauty industry has grown about 8%— the fastest growing rate in the last 13 years. This drastic change has been caused by social media and the influencers that promote these products.
As soon as someone opens TikTok, it is likely they will come across a “Get Ready With Me” including an influencer talking while applying their makeup routine, or a makeup haul from very popular influences like Alix Earle or Monet McMichael. These videos garner millions of views, causing young viewers to mimic the influencers they see.
When any of the top following influencers post a TikTok video, the makeup industry booms in sales. The #1 growing beauty influencer, Alix Earle, was recently asked about the money aspect associated with brand deals. Confirmed by her management, any makeup product used in a video can offer her $40,000-$70,000.
This is becoming people’s new dream lifestyle and career.
At one point, brands like L’Oréal and Revlon filed for Chapter 11 bankruptcies. In 2021, Revlon was 3.3 billion dollars in debt and struggled to compete against the new high end brands always being released. However, with a loan and a bit of time, TikTok has created a breath of fresh air for brands like these, helping to rebuild their business.
Many influencers like Alix Earle, who get paid for promoting high end products, also show off their more affordable products. TikTok features many different beauty lifestyles. Recently, many influencers have been finding the best dupes, a more affordable duplication of a product, to replicate these high end brands. The dupes that are shown can be found in drugstores, allowing for these cheaper brands to have a chance against top products.
Affordable prices, but similar products, seems to be the trend this year. As a senior heading into college in the fall, Emma Vaaler is trying to save money for larger expenses, and makeup is one thing she knows she can find a better deal for. “I think TikTok is showing a lot of people dupes for makeup that make it easy for people who don’t want to spend $50 on one product when I can get close to the same product for a much more affordable price.“ she said. “I use a lot of dupes that I’ve seen on TikTok and one of my favorites has been the E.L.F. halo glow liquid filter. This has been reviewed as a dupe to the Charlotte Tilbury Hollywood flawless filter but for $30 cheaper.”
Along with the beauty industry, skin care plays a large role in the increased growth. Brands are constantly adding skin care products to their line to help grow even more. Drunk Elephant, Oseao, Chanel and many more have added skincare to their collections, and drugstore brands seem to be keeping up.
CeraVe, Neutrogena, Ollay and others have been popular in the dupe trends. Expensive products are not always the best products and people, like senior Molly Ramirez, have been realizing this. “I’ve seen many influencers out there using very high end and expensive skin care products that I would personally never pay for. I have found a dupe that has worked really well on clearing my skin. It is the La Roche-Posay purifying foaming cleanser which you can find at Target for $15.99, very reasonable pricing for a great price,” she said.
By the end of 2023, it is predicted that the beauty industry will be worth 571.1 billion dollars. This change in the beauty industry has been largely impacted by TikTok. With new trends and more followers, influencers are gaining better income for themselves and the brands within the industry.
