The years of Trump and Clinton, while a boon for the cosmetics industry, have seen the price of many styles plummet.
The cosmetics industry has seen its revenues fall in every quarter since 2016.
In 2019, the industry saw revenue of $7.3 billion, a drop of $3.5 billion from last year, according to the Cosmetics Association.
In 2020, the same year, the association saw revenue drop $2.7 billion to $4.6 billion.
That’s a drop from the $4 billion in 2018, which is when the industry’s share of the U.S. market was at about 40 percent.
The industry is also seeing a decrease in profits as companies are making fewer cosmetics and more lipsticks.
It’s not just the price, either.
According to the association, the cost of a $50 beauty product is now $8.88, a 20 percent decrease from last month.
The association said the industry is seeing the need for a return to more affordable products that are aimed at women who may be looking for a more affordable option.
In an industry where brands like Benefit and Estée Lauder are making a lot of money, the need to sell at a lower price point, said Barbara Riggs, a senior vice president of research and marketing for the association.
She said many of the brands are offering “beauty with a purpose” and that they’re targeting younger women.
“It’s really important to make sure that women who are in the beauty business have access to quality products and to be able to get them on the shelf at a reasonable price,” Riggs said.
The beauty industry has also been hit hard by the Great Recession, which hurt sales for many of its biggest brands.
The American Cosmetics Council, a trade group that represents more than 2,000 cosmetic companies, estimates that between March 1, 2008, and March 1.
2019, sales of cosmetic products plunged by about a quarter.
The recession also hit the industry hard.
The U.K. economy plunged by 7.2 percent between 2009 and 2019, according a report released by the London School of Economics.
Thats a drop in output of 3.7 percent, but also a drop that is about 1.2 percentage points higher than what it was a decade ago.
This is because of a decline in the use of household and non-consumer goods, and also because the cost for the products has gone up, according the report.
“A lot of the recession, in terms of consumer spending, had an impact on the cosmetic industry,” said Laura Titt, vice president and executive director of the American Cosmetic Council.
“So we were affected by it.”
But some of the blame for this downturn is in the hands of consumers, she added.
“They’re the ones who are buying more and more cosmetics and lipsticks and skincare, so they’re buying them at a much higher price point,” Titt said.
“Thats when the demand goes up and the manufacturers get a little bit squeezed.”
Titt also blamed the makeup industry for the increase in the number of products being discontinued or being priced lower.
“I think people have been looking for more affordable alternatives to traditional products,” she said.
While cosmetics are a big part of the makeup trend, the beauty industry is not the only industry to be hit hard.
Many other businesses are also suffering from the downturn, including retail and consumer services.
The Associated Press contributed to this report.