With inflation on everyone’s mind this year, the beauty industry is no exception. Makeup prices are at an all time high. US cosmetics prices rose in August by the most in almost 16 years according to data from market research firm NPD reported by Bloomberg. In August alone, prices for makeup rose 2.3% from a month earlier, the largest increase since December 2006. With return to office mandates going strong and in-person social functions resuming, everyone wants to look and feel like their best self, so demand is resilient.
While many of us are guilty of being extremely blasé about beauty spending (a lipstick here, a new moisturizer there) all of these seemingly insignificant purchases really add up. You might be shocked to learn that on average, the amount of money we spend on our appearance could pay for four years of college tuition. A study conducted by OnePoll for Groupon revealed just that. According to the study, the average woman spends about $313 per month on her appearance. This adds up to $3,756 per year or $225,360 over the course of a lifetime. The amount women spend on the face alone is nearly twice the amount men spend—a mere $51 average per month—a gap likely driven by makeup purchases.
Many professional women have ambitious financial goals, and facing these expenses head on might seem like cause for concern. On the other hand, completely overhauling beauty routines isn’t an option, either. After all, social science research shows that a person’s physical appearance has a meaningful impact on their life experiences and opportunities, and unfortunately we are a long way from eradicating appearance discrimination. Plus, experimenting with beauty can boost self-esteem and make people feel more confident! That’s why MBAchic is syncing up with three beauty influencers to weigh in on their top tips and tricks of the trade to make the most of any budget as we wash our faces of tired trends and refresh this summer.
Meet the influencers below:
Chris Han (@chrishanxoxo) has turned her life-long passion for fashion and beauty into a successful career as a digital creator and influencer. With over 2.6 million followers and counting, she spends time spotting trends in the beauty world and sharing her style journey with the world.
Co-Founder and CEO of Jonda Health, Suhina Singh (@luxitgirl) is a self described autoimmune warrior aiming to make disease management easier for patients like her. While her health goals are always on the top of her priority list, she also spends time sharing glimpses into her stylish, entrepreneurial world which includes plenty of globetrotting, startup life and tagging her favorite fashion and beauty picks for her followers online.
Beauty influencer Katryna Ton (@callherclassy) focuses her digital creator content on fashion and lifestyle. With a busy career and a wedding in the works, she finds inspiration all around her in Orange County and Los Angeles. Sharing makeup tutorials and day to night transitions that anyone can follow are a passion of hers.
All three ladies are MBAs and all share a love of inspiring their followers through beauty tips and advice. MBAchic sat down with each influencer to dive into their go-to favorite brands, beauty budgeting hacks, and top trends to watch this year.
Watch the full video below:
Thanks for following along in this conversation, share your personal beauty picks with the MBAchic community here.
Photo from Element5 Digital