Why is beauty defying downturns seen in so many other consumer product categories? And how can brands continue to thrive at retail?InputUX at Adobe Stock
Beauty retail is red hot, defying downward trends in many consumer categories. In fact, according to Circana data, U.S. prestige beauty industry dollar sales grew by 14%, year over year in 2023, to reach $31.7 billion in 2023; mass market beauty sales experienced a year-over-year dollar increase of 6% in the same period.
Meanwhile, masstige beauty accounted for 11% of overall sales, representing a growth rate of 16%, about twice that of mass.
Notably, beauty was one of the few discretionary consumer product categories to grow in 2023, pointing to resilient shopper demand, even amid inflation concerns.
How do we explain this?
During "Beauty Retail 2024-2025," Beauty Accelerate will feature a discussion on how the category has defied gravity in recent years, driven by newness, continued growth in digital shopping channels and a physical retail resurgence, as well as emerging consumer trends and needs.
In this special session, experts from Circana and Credo will discuss the implications of the latest market data, as well as longer-range trends in beauty retail. From mass to prestige to clean/sustainable beauty, this session will offer takeaways for R&D, marketing, product development and more.
Circana will open the session with a brief data presentation outlining the highlights of the current beauty market and then take part in an in-depth panel discussion with Credo, diving into the dynamics for the remainder of the year and into 2025.
Our featured experts are:
Rie Maiden, VP of marketing and e-commerce, Credo Beauty. Credo is a pioneer in clean beauty retail, having established an industry-leading Credo Clean Standard and heightened transparency around ingredient sourcing. In addition, Credo has championed cruelty-free brands and products, while also fostering the Pact packaging take-back program. The retailer's influence has impacted packaging take-back programs at other retailers and led to a Conscious Beauty collaboration with Ulta Beauty.
JUST ADDED: Larissa Jensen, senior vice president, global beauty industry adviser, Circana (formerly IRI and The NPD Group), is a recognized expert in the skin care, makeup, fragrance and hair categories. She travels globally to lend her knowledge of the U.S. and international markets to the beauty industry, which includes the evaluation of new business opportunities for top beauty retailers and manufacturers around the world. Jensen shares her expert insights and analysis on the Circana blog and contributes to major media outlets including The Wall Street Journal, New York Times, Bloomberg, Women’s Wear Daily (WWD), Vogue, Business of Fashion, and many others. She has been a featured speaker at the WWD Beauty CEO Summit and has delivered keynotes and trend presentations at established beauty events and conferences for Cosmetic Executive Women (CEW), HBA Global Expo, Cosmoprof, and The Society of Cosmetic Chemists. Larissa has been a guest lecturer at Columbia University Business School and The Fashion Institute of Technology (FIT). She is an adjunct professor and Advisory Board Member for FIT’s CFMM Master’s Program, Advisory Board Member for Cosmoprof North America, and on the Board of Advisors for Beauty Packaging magazine. Jensen joined then NPD in 2005 following her marketing roles at The Estée Lauder Companies, Inc. and L’Oréal USA. Larissa earned a Bachelor of Science degree in Communications from Ithaca College, and a Master of Professional Studies degree in Cosmetics and Fragrance Marketing and Management from FIT.
Join us @ Beauty Accelerate to set the innovation agenda for 2024 & beyond
🧴Consumers are testing the limits of beauty innovation like never before. Bringing physical, digital, and even psychological product experience expectations to the forefront of the competition in an always evolving beauty market. At Beauty Accelerate, experts from various perspectives in Marketing and R&D will present relevant solutions to attendees looking for ways to stay in the current of the competition.
💄To inspire and equip R&D and brand marketing innovators to rise to the challenge,Beauty Accelerate will connect the dots among emerging cosmetic technologies, market and retail trends, and supply chain innovations through discussions with newsmaker brands and retailers, data/analytics from leading insight firms, on-trend R&D education, and networking opportunities with some of the industry’s rising stars and established thought leaders.
Put education into action
Imagine the possibilities while exploring the Beauty Accelerate expo! Connect with industry peers in the expo hall to exchange ideas on the latest technologies and concept products, while also broadening your network of supplier and manufacturing contacts, and product development resources. Exhibitors will be showcasing new products and innovations throughout the expo.
Why is beauty defying downturns seen in so many other consumer product categories? And how can brands continue to thrive at retail?InputUX at Adobe Stock
Why is beauty defying downturns seen in so many other consumer product categories? And how can brands continue to thrive at retail?InputUX at Adobe Stock
