Sales of prestige beauty products continue to rise, even as the threat of a potential global recession looms.
According to data from The NPD Group, sales of prestige beauty products in the US rose to $6 billion in the third quarter, an increase of 15 percent compared to the third quarter of 2021.
“Unit sales and revenue are growing in double digits for beauty products sold in the prestige market, indicating that consumers are indulging in beauty products this year,” said Larissa Jensen, industry advisor. of The NPD Group beauty, in a statement.
NPD reports makeup sales officially surpassed pre-pandemic 2019 levels during the third quarter, posting $2.1 billion in total sales, with lip makeup ruling as the fastest-growing segment for the quarter, with a 32 percent growth.
Despite having the lowest total sales volume at $853.8 million, hair care products experienced the highest growth in the third quarter, increasing 23 percent compared to the third quarter of 2021, while items with restoration and strengthening claims outpaced overall category growth.
Skin care product sales increased 14% compared to the third quarter of 2021 to $1.7 billion, largely driven by clinical brands, followed by natural brands.
While physical skin care sales saw the most growth, NPD reports that online sales still account for 40 percent of sales, except when it comes to hair care, which has a nearly even channel split. between online and in-store revenue.
With $1.3 billion in sales in the third quarter, the fragrance was up 11 percent compared to the same period last year, with physical store revenues dominating more than three-quarters of sales in the third quarter. USA in the category.
While continued and consistent demand for fragrances is a driver of growth, average fragrance prices have risen amid inflation faster than any other category, also fueling upward category performance.
Jensen said he forecasts performance across all categories to remain free of macroeconomic pressures through the holidays, a testament to Leonard A. Lauder’s “lipstick index,” which speculates that cosmetics sales rise in times of economic hardship as that consumers seek affordable indulgences.
Source: news.google.com