At Premier, making sure that we are in the know when it comes to all things Beauty is one of our top priorities. Keeping a pulse on the Industry allows us to not only be informed when it comes to the latest products and trends, it also equips us to make great matches!
As the talk around recession continues, having consumer insights and data to understand the impact on the beauty industry and the categories predicted to thrive is so valuable. Every year we attend the CEW State of the Beauty webinar to gauge past performance and future predictions across the beauty industry from category, distribution, stand out brands and shifting consumer behaviors. We get some really great insight! Because you’re a part of our valued Premier network, we wanted to share some key info that stood out!
Highlight #1: The themes of last year were skincare, hair, makeup and mature beauty. According to recent insights the 3 top-growing categories projected to be front and center for this year are:
1. Wellness
2. Derm Skin
3. Hair
Highlight #2: Prestige Beauty was the only industry to experience unit growth in 2022. Accessories were down by -5%, Footwear -1%, Video Games – 4% and Prestige beauty +16%.
Highlight #3:As the world continues to change and evolve, so are the demands and ways consumers are engaging with Beauty. Consumers more than ever want proof behind product claims, are looking to new self-care routines to feel uplifted, are wanting to talk more about taboo topics and are changing the way they engage with Beauty through online communities and channels.
Highlight #4: Promotional strategies were key and drove sales specifically in 2020 when COVID first hit, however this is not the case as of recent. In fact, Prestige beauty has seen a decline in the % of units sold using promotions which indicated that promotions may not be the first lever to pull if sales decline.
Highlight #5:The word ‘Clean’ has many sub categories, defined by a multitude of labels (listed below).The most searched words in the Clean Beauty space are vegan, cruelty free and natural.
Highlight #6:Over 75% of consumers believe sustainability is important when selecting products to buy (in overall CPG shopping)
Highlight #7: Blurring lines with retail distribution. Cross shopping has accelerated across retailers and channels.
These key takeaways share an underlying theme; although ever-evolving and ever-changing, the Beauty Industry continues to be resilient, even in times of unforeseen circumstances like a global pandemic or times of economic decline. Beauty is indeed powerful and an indispensable category that continues to grow and thrive.
We hope you found these highlights helpful! For more, join our Network! Follow @Premier Beauty Industry Experts on LinkedIn to receive the latest beauty trends, statistics, interview tips, and career opportunities on a weekly basis as we keep you informed of the evolving beauty industry.
