LONDON — Is the lipstick effect feathering at the edges?

According to Jefferies , growth in beauty overall will be modest in the coming years, with consumer spending on injectable cosmetics and weight loss drugs slowly “chipping away” at sales of traditional products, such as creams and cosmetics.

According to Jefferies, the medium-term rate of growth in the beauty category will be around 4 percent per year, driven equally between volume and price. The main engine behind that growth has been, and will continue to be, the gradual increase in the “addressable market,” or consumers with enough income to enter the category.

But growth will remain modest for a variety of reasons, including a slowdown in China following a golden period of sales between 2016 and 2021.

“Consumers rushed onl

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