CivicScience keeps a pulse on the latest beauty trends through our database of over 130 million consented profiled respondents. If you’re interested in seeing more insights like these, register for our U.S. Beauty Buyer webinar here.
The beauty industry saw rapid growth over recent years after a brief dip in 2020. While growth across categories continues, the industry is witnessing a slowdown in 2024. Inflation, debt, and economic outlook are hitting home for many consumers and impacting purchasing behaviors across the board.
When it comes to beauty product purchasing, CivicScience data show the majority (79%) of beauty-buying consumers are trading down in one way or another. Nearly 40% compared prices from different brands and more than a third have held off on a purchase because of price in the last three months. Using coupon or discount codes, purchasing fewer items, and shopping at less expensive retailers are also ways in which beauty consumers are saving.
But not all markets and categories are being equally impacted by the pullback in consumer spending. For example, the rate of prestige beauty sales growth continues to outpace mass markets, while the adoption of emerging trends are diversifying where consumers spend in the beauty space.
Join CivicScience for a deep dive into the current state of America’s beauty buyers – young and old, mass to prestige – what’s driving their purchase behavior, and how their spending will likely unfold for the remainder of 2024. Register now for the upcoming webinar What We’re Seeing: The U.S. Beauty Buyer, presented live by CEO John Dick on June 4 at 1p.m. EST.
To learn more about how your brand can benefit from the more than 4 million daily responses and 500K questions available in the CivicScience InsightStore™, get in touch.
