As per the United Nations report on 25th April 2023, India will have about 2.9 million people more than China sometime in the middle of this year. Taking cue from this report, Priyanka Parshurami, connected with some experts of the Indian beauty industry to get an insight about how this population growth will have an impact on the industry.
Population growth can have a significant impact on the Indian beauty industry. With a growing population, there is an increase in the number of potential customers for beauty products and services, which can lead to a rise in demand for various cosmetic and personal care products.
Moreover, the increase in the number of working women in India has also contributed to the growth of the beauty industry, as they tend to have a higher disposable income and are more willing to spend money on beauty and personal care products.
However, population growth can also have negative impacts on the industry. With an increase in population, there can be a rise in competition, which can lead to a price war and decrease in profit margins for beauty businesses. Additionally, the rise in population can also lead to increased pollution and environmental degradation, which can have a negative impact on the health and beauty of individuals.
Here’s the take from the Indian beauty experts:
Samir Srivastava, CEO, Looks Salon:
The recent announcement of India being on top of the world and the most populated country comes as a very positive announcement and achievement for the nation. I think it is going to be a big, big, big game changer for the industry we today have. One of the biggest youth populations and 26 per cent of our people are in the 10 to 24 age group. I think it’s going to be a big boost, not only to the beauty industry, but to all the sectors which are contributing to the Indian economy.
Affordability is also going to be a very big important price point. As in due course of time, pyramid will start throwing up more and more consumers, and these are the consumers who will move to the next level. And as the youth embraces, rapid digitalization across villages, across small, one small towns, tier one towns, tier two towns. We will see the consumption of beauty going up rapidly, and I think that’s going to be great news for the industry.
Adman. Blessing A Manikandan:
Population rise is a good factor for the Indian beauty industry, a hundred percent. Because more people means there’s more business and it means more salons, opportunities to create employment and more opportunities to create entrepreneurs and to serve the customers. So every thousand people need a salon. So keeping that in mind actually, like it is a beautiful opportunity for the salon industry.
Now the entire world is looking at us as a big marketplace and everyone is eyeing their market share. I think people will be very serious about investing in India and through Indians. We can also contribute to the entire world by manufacturing beauty products in India and export them to the entire world.
Fortunately, the youth are having great exposure, for fashion and especially in grooming. I think everyone wants to be part of this industry. If you take actually 75 per cent of our managers, salon managers are from IT background. We have to give a lot of opportunities for these youngsters to come and experience, especially the bottom of the pyramid.
Rahul Bhalchandra, CEO, YLG Salons:
Population growth is good provided we can constructively channel the extra manpower into skilled jobs. For our industry the growth of population is an opportunity to enhance the quantity and quality of manpower for our industry. This will require far greater investment of time and effort and capital in skilling.
To convert this opportunity into a benefit for our business there needs to be creation of many heroes from our industry – brands (salon and professional products), individual service experts ( aestheticians make up artists and stylists) and educators.
For this we will have to learn to collaborate with the state, formal education system of schools and colleges, and larger brand players to find common areas where we can align their interests with industry efforts to make this a more aspirational sector to join.
Sahil Gupta, CEO, Bodycraft Spa & Salon:
With the population in India looking at a billion and a half people in the near future, there is definitely a bigger customer base for businesses in every industry, including the beauty and wellness industry.What is important to note is the demographic dividend of our population.
As our demographic dividend begins to peak, there is going to be a lot more disposable income with a generation of spenders that is well informed and considers beauty and wellness a necessity, not a luxury. The demand for beauty and wellness services, especially prolonged wellness is already steadily trending up and is expected to continue in the current trajectory for the foreseeable future.
While there is already a lot of awareness in this age of information, our industry is obligated to ensure the right information reaches the public. Social media is the medium of choice to ensure more transparency in the industry. We also need to align our services to the needs of the market with clean, organic and effective products and services.
Feature Image Courtesy – caravanalive
