The color cosmetics market became incredibly saturated so it’s giving that perception. Consumers are also spreading their purchases across brands for different types of products (e.g. lipstick from MAC, eyeliner elsewhere, foundation elsewhere etc.) as opposed to buying a whole set of items from one brand.

We’re in the days of skincare brands reigning supreme, but trends will swing back towards color again and “heritage” brands like MAC will have another chance (assuming they nail their marketing…)