Today, everyone wants to look nice, elegant, beautiful, and sometimes even over the top different from the rest. With the development of the cosmetic industry and the rise of influencing culture, the makeup singapore market has been soaring high.
An economic factor
More brands and companies are coming up with the new-age startup boom. It has become one of the major factors of the economy of the country. Since the nation has been a hub of some of the most renowned business corporations, it is no wonder that skincare products progressed so well.
The reason behind the growth
- A growing concern of early aging and awareness of one’s appearance is always the first reason for people to resort to this product.
- Social media effect: Influencers and celebrities use specific brands in their online and public appearance. This influences mostly the members of the young generation.
How much is it growing?
According to the market forecasts, the industry is expected to grow 5 percent by the year 2020. In 2019, the round revenue of the industry amounted to about one billion US dollars. It has an excellent potential of rising even more in a couple of coming years.