A new report published by Technavio predicts that the global color cosmetics market will register a CAGR of 5 percent by 2019.

Technavio analysts have identified three major growth drivers for the make-up market, including the growing influence of social media and celebrity endorsements, the rising demand for luxury products and affordable indulgence among young consumers.

“Celebrity endorsements are smart for business as they provide a channel between the customers and manufacturers and help in highlighting the product. Gwen Stefani belted out seven new shades and finishes of nail polish with OPI. Shiseido signed Lady Gaga as chief brand ambassador in January 2015,” said Brijesh Kumar Choubey, Lead Cosmetics and Toiletry Analyst at Technavio.

According to the report, some 25 percent of users aged 16 to 24 years discovered new brands through endorsements. For the group aged 25 to 34 years, it was 22 percent with 14 percent of consumers aged 35 to 44 years prompted to purchase by a famous face. Close to 25 percent of online users aged 22 to 25 buy products they see online via social media or blog content.

A trend towards luxury is evidenced by the growing trend for prestige brands to target younger consumers – Lauder’s recent launch of the Estee Edit in Sephora is a prime example of this. Meanwhile, several fashion houses have made expanded their cosmetics offer of late, most notably Tom Ford and Marc Jacobs, who recently opened a luxury store in Manhattan, US, dedicated entirely to fragrances and other cosmetic products.

Meanwhile, the younger generation’s engagement is at an all-time high, with 91 percent of girls aged 9 to 17 years using a nail products. “Other than the trending concepts like glitter, magnetic and metallic finishes, and nail art, women are generating high interest in natural nail concepts, as well as products that ease use and convenience. The improving economy is prompting consumers to indulge in nail care products as an affordable luxury,” said Choubey.