Prestige Beauty Continues Growth Momentum In Q2

In the second quarter (Q2) of 2022, US status magnificence trade gross sales income reached $6 billion, a 16% improve versus Q2 2021, in accordance with The NPD Group.Q1 gross sales rose 19%, in accordance with NPD.“In addition to its sturdy income development, magnificence is the one trade with rising unit gross sales up to now this 12 months throughout the 14 discretionary retail industries tracked by NPD within the U.S.— a testomony to its resilience contemplating the sweetness trade reverted to 2015 gross sales ranges in 2020,” mentioned Larissa Jensen, magnificence trade advisor, The NPD Group. “Premiumization is occurring among the many three classes performing the very best; whereas perfume and hair’s common costs are up on account of client spending on higher-priced, luxurious gadgets, make-up — which has historically been some of the promotional magnificence classes — is experiencing a pricing rise on account of much less promotions.”

 
Although make-up gross sales income in Q2 continued to be decrease than pre-pandemic 2019 ranges, the make-up class surpassed pre-pandemic unit gross sales by 1% in Q2 2022, versus the identical interval in 2019. The “Lipstick Index” is again. Lipstick gross sales income elevated by 28% in Q2. From January by means of June, lip merchandise had been the fastest-growing make-up section and skilled softer declines than the remainder of the make-up class in comparison with pre-pandemic 2019.The common value within the perfume class is at the moment 25% greater than it was three years in the past. In Q2 alone, the common value for fragrances elevated by 6%, versus 2021, which is double the speed of the remainder of the sweetness trade.“While inflation performs a job, the elevated pricing for fragrances can also be about a rise in buying higher-priced product,” mentioned Jensen.For a number of years, the perfume market has been shifting away from reward units in favor of particular person juices. However, throughout Mother’s Day and Father’s Day 2022, reward units made a robust comeback and gained market share throughout these key vacation intervals, versus final 12 months. This shift was distinctive to those gifting time intervals, and it could possibly be a constructive indicator for the vacation season forward.Body-care merchandise proceed to outpace facial skincare by way of gross sales development and the class is changing into a bigger focus within the skincare market. “Skincare manufacturers are upping the ante, through the use of elements like vitamin C, retinol, and algae which are historically present in facial merchandise,” mentioned Jensen.According to NPD Group, Q2 has historically been the pique promoting season for sunscreen, though gross sales have been rising year-round. In Q2, sunscreen gross sales grew by 51%, versus final 12 months.The hair care sector continues to be the smallest but fastest-growing class within the magnificence market.  In Q2, gross sales income grew throughout nearly all segments together with hair care, styling, and colour.In the primary half of 2022, clear hair manufacturers comprised nearly one-quarter of the hair class universe, which is a 5-point achieve from the identical interval final 12 months. 

https://www.happi.com/contents/view_breaking-news/2022-07-22/prestige-beauty-continues-growth-momentum-in-q2/

Recommended For You

About the Author: Jessica