But why are we talking about universal beauty now? A recent Euromonitor video outlines five reasons why:
1. The fastest-growing beauty markets are Asia Pacific, the Middle East and Africa.
2. The United States, the largest beauty market (comprising some 20% of the global total), is experiencing a demographic shift toward non-Caucasian populations that have growing income power.
Recent Euromonitor video outlines 5 reasons to talk about multicultural beauty.
3. Tourism to the United States from non-Caucasian countries is expanding.
4. Six of the top 10 beauty markets of 2020 will be non-Caucasian.
5. Rising urbanization in non-Caucasian markets is creating new income and beauty needs for work and social activities. These consumers will increasingly indulge in premium brands and demand personalized solutions.
Does that answer your question?