Jonathon Allen, CFP®
It's a beauty revolution!
Many caretakers have experienced that jolting realization: It’s too quiet! Where are the children? Then, a discovery that leaves them uncertain whether to yell, laugh, or cry. The kids have hijacked a makeup bag and given themselves – and the room – a new look. Sparkling shadow on cheekbones. Lip paint on toenails and eyebrows. Brown, red, blue, and green streaks on every surface. Palettes of cosmetics ruined.
A new trend in beauty may change this childhood rite of passage: virtual makeup.
The coronavirus has made cosmetic counters far less enticing than they once were, a change in circumstance that led beauty companies to develop new strategies for delivering personalized beauty experiences, reports Jennifer Kingson of Axios.
Beauty companies are teaming up with technology firms that specialize in artificial intelligence (AI) and augmented reality (AR) to develop apps that let people try on makeup virtually, according to Daniela Morosini of Vogue Business.
“In recent years, activity in the beauty [mergers and acquisitions] sector was often focused on larger cosmetic conglomerates buying up indie beauty brands. Now, the pendulum is swinging towards Silicon Valley – a tech ‘arms race’ is underway.”
The trend isn’t limited to makeup. One fragrance and cosmetics firm acquired a company with technology that interprets fragrances through images and patterns of colors.
“Customers love playing with these apps so much that companies see big revenue boosts after introducing them,” reported Axios.
The new technology may change the way people shop for makeup, fragrance, and other beauty products. It also may put an end to childhood makeup-bag raids. Children will be able to experiment all they want, sitting in front of a screen.
Then again, maybe not.