THE WHAT? Advertising spend across the beauty sector is forecast to grow 7.6 percent a year up until 2022, according to a report published by Live Mint quoting figures released by media agency, Zenith.
THE DETAILS Ad spend growth was flat in 2020, Zenith says, per Livemint, but India is expected to lead the global recovery thanks to strong consumer demand for cosmetics, fragrances, hair care and skin care.
Digital spend is expected to lead the rise, with brands cutting back in other channels to fund the increase – TV spend is expected to fall 1.2 percent per year, while magazines will see 12.4 percent shaved off their share of spend.
THE WHY? Jonathan Barnard, Head of Forecasting at Zenith explains, per Livemint, “Growth in beauty and personal luxury advertising will lag behind the market while consumers remain cautious about travelling in public and meeting in person. But by investing in digital technology that embeds e-commerce into the heart of their operations, brands will prime themselves for more rapid growth when demand picks up.”