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Growth in the beauty industry has boomed in recent years courtesy of greater attention to physical well-being. This space appears to be quite anti-cyclical as people continue to focus on self-care despite a difficult economic climate. In the ever-evolving beauty realm, 2024 is likely to steer several transformative trends to reshape the space.
The new beauty era is seeing an infusion of tech-based experiences and greater social media penetration. The talk around sustainability, inclusivity and clean beauty is gaining traction among beauty enthusiasts. These trends are slowly dominating the beauty space while optimizing consumer experiences.
Trends to Look Out for in 2024
Technology is slowly taking center stage in the cosmetics space, with Augmented reality (AR) poised to reinvent beauty counters. Companies are now offering virtual product try-ons to ease decision-making. Digital apps and in-store AR mirrors are elevating beauty experiences. Rising social-media presence and direct-to-consumer marketing are helping brands to reach a wider audience.
Consumers are likely to gravitate more toward products that have clean ingredients, ethical sourcing practices and cruelty-free certifications. Sustainable and biodegradable packaging is becoming a top priority for customers. Moreover, beauty products that will cater to a broader set of complexions and skin types are likely to resonate more with people.
Apart from focusing on physical appearance, consumers are likely to seek products and apps to track holistic approaches to self-care. Well, meeting consumers’ evolving preferences is likely to keep cosmetics players busy in terms of innovation and product launches during 2024.
We have pointed out four cosmetic stocks that are well-placed to continue with their growth story on the back of strong fundamentals and focus on upgrades amid emerging trends throughout 2024.
Image Source: Zacks Investment Research
4 Stocks Worth a Look
Inter Parfums, Inc. (IPAR - Free Report) : Inter Parfums appears well-positioned in the booming fragrance market due to its legacy scents and innovative extensions. Buoyed by robust momentum in the fragrance space and gains from product newness, IPAR is set to witness another record year in 2024.
The Zacks Rank #3 (Hold) company is on track to expand its business through new licenses and acquisitions. The Zacks Consensus Estimate for IPAR’s current fiscal year earnings has moved up 0.8% to $4.75 per share in the past 30 days. Shares of Inter Parfums have rallied 44.3% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coty Inc. (COTY - Free Report) : With the ongoing premiumization trends, COTY continues to witness strength in the beauty market. The company is gaining on such favorable trends, with momentum in the core categories, an impressive innovation pipeline and early wins across important white spaces. The Zacks Consensus Estimate for Coty’s current fiscal year sales reflects 9.6% growth.
The company continues to benefit from the focus on six strategic pillars aimed at sustainable growth, including expanding makeup brands and mass fragrances and establishing a strong skincare portfolio. Management made several strategic partnerships to enhance its brand portfolio. The Zacks Rank #3 company’s stock has surged 48.6% in the past year.
European Wax Center, Inc. (EWCZ - Free Report) : The Zacks Rank #3 company has been gaining on solid business momentum from franchisees and in-center partners. Solid brand loyalty and recurring revenue stream have been upsides for European Wax Center. Focus on undertaking increased digital promotions has been aiding growth.
The Zacks Consensus Estimate for European Wax’s current fiscal year earnings has remained stable in the past 30 days at 34 cents per share. EWCZ’s stock has gained 5.1% in the past year.
Olaplex Holdings, Inc. (OLPX - Free Report) : Olaplex boasts an impressive innovation platform that differentiates it from its peers. The Zacks Rank #3 company’s social media and other digital marketing efforts engage consumers, thereby building demand and loyalty. OLPX leverages advanced and leading-edge technologies to support all aspects of the business.
The Zacks Consensus Estimate for Olaplex’s current fiscal year earnings has remained stable in the past 30 days at 15 cents per share. OLPX’s stock has plunged 52% in the past year.
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Trends Redefining Beauty: What to Expect in 2024
Growth in the beauty industry has boomed in recent years courtesy of greater attention to physical well-being. This space appears to be quite anti-cyclical as people continue to focus on self-care despite a difficult economic climate. In the ever-evolving beauty realm, 2024 is likely to steer several transformative trends to reshape the space.
The new beauty era is seeing an infusion of tech-based experiences and greater social media penetration. The talk around sustainability, inclusivity and clean beauty is gaining traction among beauty enthusiasts. These trends are slowly dominating the beauty space while optimizing consumer experiences.
Trends to Look Out for in 2024
Technology is slowly taking center stage in the cosmetics space, with Augmented reality (AR) poised to reinvent beauty counters. Companies are now offering virtual product try-ons to ease decision-making. Digital apps and in-store AR mirrors are elevating beauty experiences. Rising social-media presence and direct-to-consumer marketing are helping brands to reach a wider audience.
Consumers are likely to gravitate more toward products that have clean ingredients, ethical sourcing practices and cruelty-free certifications. Sustainable and biodegradable packaging is becoming a top priority for customers. Moreover, beauty products that will cater to a broader set of complexions and skin types are likely to resonate more with people.
Apart from focusing on physical appearance, consumers are likely to seek products and apps to track holistic approaches to self-care. Well, meeting consumers’ evolving preferences is likely to keep cosmetics players busy in terms of innovation and product launches during 2024.
We have pointed out four cosmetic stocks that are well-placed to continue with their growth story on the back of strong fundamentals and focus on upgrades amid emerging trends throughout 2024.
Image Source: Zacks Investment Research
4 Stocks Worth a Look
Inter Parfums, Inc. (IPAR - Free Report) : Inter Parfums appears well-positioned in the booming fragrance market due to its legacy scents and innovative extensions. Buoyed by robust momentum in the fragrance space and gains from product newness, IPAR is set to witness another record year in 2024.
The Zacks Rank #3 (Hold) company is on track to expand its business through new licenses and acquisitions. The Zacks Consensus Estimate for IPAR’s current fiscal year earnings has moved up 0.8% to $4.75 per share in the past 30 days. Shares of Inter Parfums have rallied 44.3% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coty Inc. (COTY - Free Report) : With the ongoing premiumization trends, COTY continues to witness strength in the beauty market. The company is gaining on such favorable trends, with momentum in the core categories, an impressive innovation pipeline and early wins across important white spaces. The Zacks Consensus Estimate for Coty’s current fiscal year sales reflects 9.6% growth.
The company continues to benefit from the focus on six strategic pillars aimed at sustainable growth, including expanding makeup brands and mass fragrances and establishing a strong skincare portfolio. Management made several strategic partnerships to enhance its brand portfolio. The Zacks Rank #3 company’s stock has surged 48.6% in the past year.
European Wax Center, Inc. (EWCZ - Free Report) : The Zacks Rank #3 company has been gaining on solid business momentum from franchisees and in-center partners. Solid brand loyalty and recurring revenue stream have been upsides for European Wax Center. Focus on undertaking increased digital promotions has been aiding growth.
The Zacks Consensus Estimate for European Wax’s current fiscal year earnings has remained stable in the past 30 days at 34 cents per share. EWCZ’s stock has gained 5.1% in the past year.
Olaplex Holdings, Inc. (OLPX - Free Report) : Olaplex boasts an impressive innovation platform that differentiates it from its peers. The Zacks Rank #3 company’s social media and other digital marketing efforts engage consumers, thereby building demand and loyalty. OLPX leverages advanced and leading-edge technologies to support all aspects of the business.
The Zacks Consensus Estimate for Olaplex’s current fiscal year earnings has remained stable in the past 30 days at 15 cents per share. OLPX’s stock has plunged 52% in the past year.