“Looking good is good business”, is a popular quote we have all probably heard at some point, and the statement is very true in more ways than you can imagine.
The modern man and woman is fussy about his or her look, and is willing to spend extra income to be appreciated by peers and the society.
A 1994 study by an economist called Daniel Hamermesh, from the University of Texas, on a concept he called Pulchrinomics, which basically is the economic study of beauty, highlighted that people considered to be more attractive usually earned more than those within the average beauty bracket. And they usually pursued careers in professions that capitalized on their looks.
The study, among other revelations, showed that women who were not attractive got fewer success ratios at interviews with employers.
The study concluded that job seekers should put up their best photographs on their curriculum vitae and other job hunt platforms like LinkedIn. Beyond jobs and career, the modern man and woman want to look his or her best and feel confident, as beauty in this generation is akin to good upbringing and success.
The Nigerian beauty and personal care market is worth about $3billion, while the cosmetics and personal care industry globally generates US$400billion annually according to Euro monitor International, and the industry is experiencing dramatic growth while providing lucrative opportunities for people in the beauty business.
The number is increasing fast with the growing population of working men and women who have disposable income, and youths searching for new ways to care for themselves, and live a beautiful life in the style of their dreams.
A strong population growth – particularly of the young, urban and female populations – means beauty and personal care in Nigeria has plenty of scope for growth, especially in terms of exciting, new products.
As part of the nation’s fast-growing middle class, young people are becoming more westernized through media exposure, and are expected to drive demand over a long period.
Nigeria has become a destination of choice for investment by international companies that aim to seize the opportunities presented by the beauty and personal care markets.
Skincare has come to the forefront of the beauty industry with various skin secrets and products popping up everywhere. More attention is being paid to clearing and maintaining perfect skin than covering it up with makeup as it was in the past.
Complexion creams and soaps have fast consumption rate in today’s market. Some other skincare trends you can invest include sheet masks, an easy to use serum soaked facial mask made to fit your face.
Oils are another trending product used for hair and body. Africa is blessed with an abundance of natural deep moisture oils rich in antioxidants like Marula Oil from South Africa, Baoba oil from Ghana.
Facial cleansers are another set of fast-moving beauty products which helps to remove skin impurities without stripping your skin of its needed moisture and nutrients.
It is an all in one option which many ladies have embraced. In the same vein, the face roller is the new favorite beauty tool because of how relaxing it makes you feel.
The multi-purpose face roller helps to relax your skin by gently messaging and calming puffiness helps penetrate the serum from your sheet mask deeper into your skin and helps to stimulate blood flow. As more people are becoming more conscious of what they put on their skin, they are choosing organic products as substitutes to regular skincare products.
The rise in natural cosmetics producers has given the Nigerian beauty market a huge boost especially with the re-introduction of the popular black soap and shea butter popularly known as okwuma (Igbo) and ori (Yoruba).
There are many other products reaching the market which improves the skin, hair, face and generally enhances beauty.
International companies have recognized the potential in the Nigerian beauty market and are taking advantage by flooding the market with lots of products and investing in local production, so it is time for local entrepreneurs to step out with quality and safe products to create wealth in the booming market.