Social media platforms, led by TikTok, are significantly impacting the global beauty and personal care market. A recent study by Euromonitor International indicates a 22% increase in cosmetic product sales in 2024. Social commerce, facilitated by platforms like TikTok, now accounts for 3% of total e-commerce this year.
ByteDance, the Chinese technology giant owning TikTok, has been at the forefront of this new commerce. TikTok is redefining product discovery and actively shaping trends, particularly in skincare and decorative cosmetics. Companies are increasingly leveraging social networks for advertising, brand building, and consumer engagement.
Euromonitor International's Voice of the Consumer: Beauty Survey 2024 reveals a growing focus on healthy skin and wellness. Consumers are increasing spending on health and wellness. Digital channels play a vital role in educating users, promoting healthier lifestyles and driving purchases of supporting products.
The trend is further amplified by sophisticated digital tools, including reviews, special offers, and shoppable videos. TikTok Shop (TTS), launched in September 2023, quickly gained traction in the US. Beauty and personal care became the top-selling category, accounting for approximately 6% of total platform sales.
Korean cosmetics are also gaining popularity, with the hashtag #Kbeauty amassing millions of posts across Instagram and TikTok. The increasing success of digitally native brands confirms that e-commerce and social media are transforming the beauty industry globally. "Dupe" products, affordable versions of popular items, are also in high demand.