5 Factors Catalyzing the Growth Of Beauty And Wellness As Per Pushkaraj Shennai, CEO, Lakme Lever

The compounded annual growth rate of the beauty and wellness business in India has been around 18%
Lakme

The beauty and wellness industry in India are booming with tremendous potential for growth. In fact, it is said to be growing twice as fast as the markets of the United States and Europe. India is also the second largest consumer market in the world. The compounded annual growth rate of the beauty and wellness business in India has been around 18%and some of the key growth factors include: 

Increased Awareness: 
Today awareness of beauty products and treatments is at an all-time high in India and customers make choices based on their increased awareness. This is attributed to exposure to global trends, rising disposable incomes, social media ,changing lifestyles, increasing number of women in the workforce and so on.

Corporatisation of the beauty industry bringing in service quality and standards
Corporatisation of the beauty industry ensures harmonisation of quality and services keeping the consumers as the focus. They adopt various techniques which help in choosing the right location, customer acquisition and retention which are vital for any salon to be viable. Corporatisation also helps create system of processes for tracking customer satisfaction rewarding employees based on feedback. It tracks performance periodically to measure level of satisfaction which results in increased service quality. With an increase in disposable income, the ever-rising middle class is ready to part away some of their income for some indulgence which they prefer to be branded. 

Advent of Global brands in the domestic market 
The Hair and makeup industry arevolatile, and trends keep changing. More accessibility to these trends and increased awareness leads to change in consumer demands. With globalisation at its peak and the entry of popular global brands making their way into the domestic market has fulfilled the wish list of many and will continue to do so.

Latest Trends:
Keeping updated with latest techniques in the industry and the growth of the target market and population. Introducing new schemes and using international trends and methods also help in attracting the consumers. International media is also influencing the market a lot these days and inspirations are being taken from there. Celebrities are followed and their latest fashion and beauty trends are getting all the attention. Looking good has become the new wave and the spa and salon industry is growing because of this and will continue to grow. 

Innovation
Generation of new ideas and dimensions to grow has also added to the growth rate of the market and this is meant to continue as the industry has been successful in keeping intact the curiosity and interest of the consumers.
 

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