Beauty brands are starting to have a bit of a comeback, as more and more consumers flock to online beauty stores and social media.
According to Next Big Futures, the growth rate of online beauty retailers is higher than the industry as a whole.
In 2017, beauty brands sold $5.6 billion worth of products online, up from $4.7 billion in 2016.
Beauty brands have also seen more revenue come in from Instagram than the beauty retail industry.
Instagram saw $2.8 billion in revenue last year, up 24 percent from $1.7 bn in 2017.
Beauty retailers also saw an uptick in traffic.
Instagram users spent $3.6 bn on beauty products last year.
In comparison, Instagram users only spent $1,000 per person on Instagram last year—a difference of $5,000.
Instagram also reported revenue from the sale of cosmetic products in 2017, up 14 percent from 2016.
In 2018, Instagram saw revenue from cosmetic products at $2 billion, up $1 billion from 2017.
According the report, Instagram has had a significant impact on beauty brands’ business.
In fact, the beauty brand has seen sales of $7.2 billion from beauty products in 2018, up 28 percent from 2017, the report states.