The beauty in the breaking7/7/2023 The market is undergoing a growing transformation from the boost given by social networks to the technological professionalization of services. alone, beauty tech (as it is sometimes called) revenues are estimated to have reached US$1.35 billion last year. In Latin America, new startups have been trying to join the digital transformation of the beauty industry, already well established in the rest of the world. Or there are those who, as in other industries, got used to the fact that today all these services must be two clicks away and at home. Studies point to all kinds of changes in usage and consumption, from today’s people opting for fewer but more premium products to the fact that because of covid masks, more eyelash masks were sold than lipsticks.Īfter the reopenings, another reality was also apparent: the waiting lines outside the beauty salons for the long-awaited haircut or hair dye. Although cosmetics sales initially declined during 2020, different reports show an upswing in 2021, with a global market value of more than US$500 billion. One of the markets transformed by the pandemic is the beauty market. Three Latin American startups, all of whom agree that “everything is still to be done” in the region, told us how they are taking advantage of the opportunities in this new industry. Technology is transforming the massive beauty market.
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