Seven out of 10 shoppers who reduced spending due to inflation said they were not cutting back on beauty. Consumers used beauty to escape COVID stress and they are continuing to treat themselves amidst 2023’s uncertainties. Further proof: the prestige segment (makeup, skincare, fragrance, and hair) grew 16% year-over-year in Q1 2023, with consumers trading up in the fragrance and haircare categories. The mass segment performed well, too—rising 10% year-over-year—but its comparison to prestige underscores how consumers are spending on beauty; as we review below, we just are not seeing consumers cut back or trade down with beauty in the way some expected.
Beauty Consumers in 2023: Infographic Highlights
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- $68.6B The expected total retail sales for beauty and personal care products in 2027, up from approximately $60.5B in 2022
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- There have been solid improvements in beauty advertising; even still:
- 74% of women say society’s idea of beauty is too rigidly defined
- 73% feel that social media has created impossible standards
- 65% think the beauty industry has a negative view of aging
- Female consumers, in particular, want to see realistic beauty in advertising, including:
- Skin conditions 75%
- Imperfect teeth 68%
- Women with body hair 50%
- Women with facial hair 46%
- Only 27% of consumers say they understand what clean beauty means, but, even still, 72% agree that it is more important to them now than a year ago
- 42% of consumers trust beauty and personal care brands that only use recognizable ingredients and 42% also say the same for brands that have clinical studies that prove effectiveness
- There have been solid improvements in beauty advertising; even still:
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Additional Sources: Circana Q1 2023
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