2021 was a wild ride, marred with ups and downs, two steps forward and one step back. We’ve seen several macroeconomic influences throughout the course of the year, including an expanded economy flush with cash due to low interest rates, increased customer spending, and heightened corporate cash flows, all while the everyday consumer was partially sidelined from participating in the flourishing economy after brands faced inventory shortages due to supply chain constraints, and inflation rates that hit 30-year highs eroded consumer confidence and purchasing power. The result: a continued shift in the beauty sector.
An Ongoing Shift in How Consumers Define Retail
We’ve seen e-commerce take share from offline retailers for some time now. Retailers have had to innovate at a fervid pace over the past two years, including giving more attention and resources to their web shops, and the creation of some of their very own marketplaces—going head-to-head with Amazon’s third-party seller offering (which totaled $80.5B in 2020, crossing the 55% of total units shipped as of 3Q21).
RANSLEY CARPIOHY FEBRUARY 23, 2022
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