Beauty is no longer in the eye of the beholder; it’s at the fingertips of the generative AI (gen AI) prompter. Gen AI could add $9 billion to $10 billion to the global economy based on its impact on the beauty industry alone, 1 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023. The beauty market is defined as skin care, fragrance, makeup, and hair care. Figures assume a relatively high range of gen AI impact on consumer packaged goods (1.4 to 2.3 percent of total industry revenue) because of the high impact of marketing and sales strategies in beauty. and early movers have already begun testing the technology. But scaling these experiments will be challenging, given the velocity of gen AI […]
Original web page at www.mckinsey.com
