Proving immune to financial uncertainties, the U.S. prestige beauty market jumped by a formidable 15% in 2022, in comparison with final 12 months. Beauty products general skilled constant income development throughout each the mass and prestige markets, up 11% when mixed; nevertheless, solely prestige unit demand remained sturdy. The U.S. prestige beauty market additionally skilled a better shift again to shops in 2022, with year-over-year brick-and-mortar retail share rising, whereas on-line gross sales share elevated in the mass market.
All prestige beauty classes grew by double digits however make-up products (+18%) contributed probably the most gross sales income positive aspects of the general prestige beauty market. Lip products was the fastest-growing phase in make-up, with gross sales surpassing pre-pandemic 2019 ranges by double-digits. Lip gloss outperformed lipstick, in comparison with each 2021 and 2019.
Fragrance (+11%) was a standout class in its personal proper. Building on stellar efficiency because the trade’s fastest-growing class in 2021, the perfume market not solely maintained this elevated stage however continued to develop, led by each greater perfume concentrations comparable to eau de parfums and parfums, and higher-end artisanal perfume juices.
In skincare (+12%), physique products grew at greater than three-times the speed of facial products.
Hair (+22%) was the smallest, but fastest-growing, prestige beauty class, led by masks and focused therapies. Interestingly, hair care ranked among the many fastest-growing segments in the prestige beauty market primarily based on greenback gross sales development, whereas hair products like shampoo, conditioner, and hair colour landed among the many high decliners in the mass channel, primarily based on unit gross sales.
According to NPD, the components supporting prestige beauty development — together with elevated spending from greater earnings shoppers, the redefinition of wellness emphasizing psychological well being, and a rise in socialization — will proceed to gasoline constructive efficiency this 12 months.
“Looking on the trade holistically, inclusive of the prestige and mass markets, the longer term outlook for general beauty is a constructive one,” stated Larissa Jensen, beauty trade advisor at NPD. “In an trade steeped in emotion, shoppers have demonstrated they’re prepared to proceed to spend on beauty products. Beauty brings pleasure, which is a common aspiration and can drive our trade’s resiliency in 2023.”
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