Skincare is rising in the beauty industry
Beauty consumers are changing their behavior. Learn more about it with the latest beauty industry news in this article.
There is a behaviour change of consuming beauty in the market. Skincare is rising while makeup is falling. Let’s see how it has affected major beauty brands as well as the consumers.
Latest news in the beauty industry
Makeup used to bring a constant stream of customers for beauty retailers. While this beauty trend is still popular, a period of “hyperspend” in the cosmetic space which was driven by contouring and palettes is going to the end. According to The NPD Group, prestige makeup was down 7% over Quarter 3 last year. However, makeup is still the area that has the largest spending from beauty consumers.
On the other hand, skincare rose by 7%. Hair and fragrance are smaller in size, but they both had a growth in the quarter, by 17% and 3% respectively. Additionally, there was an increase of tinted moisturizer and lip gloss. Also, lipstick, concealer, primer, makeup remover and applicators decreased in sales. According to the latest figures from Ulta, the cosmetics category makes up 51% net sales, followed by skincare, bath and fragrance which makes up 21%, hair care products and styling tools (19%), salon services (4%), and other (including nail products and accessories) makes up 5%.
The rise of no makeup trends in the beauty industry
When consumers start to feel better, they have no need to wear makeup. As a matter of fact, young shoppers find that they wear no makeup and still look good. They are paying more attention to natural beauty trends. According to an annual teen survey, there was a significant drop-offs in teen interest around cosmetics. Cosmetics spending of GenZ shoppers was down 21% year over year, the lowest in nine and a half years. We can see the anti makeup movement as the number of teens who are a fan of daily makeup has decreased from 53% about a year and a half ago to 38% in the most recent report.
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