Cosmetics sales up 15% in Q3 for makeup, hair and skincare – WWD
Prestige beauty sales continue to rise even as the threat of a possible global recession looms.
“Unit sales and revenue are both growing in the double digits for beauty products sold in the prestige market, indicating that consumers are indulging in beauty products this year,” said Larissa Jensen, advisor to the beauty industry, The NDP groupin a report.
NPD reports that makeup sales officially surpassed pre-pandemic 2019 levels during the third quarter, posting $2.1 billion in total sales, with lip makeup being the fastest growing segment for the quarter, with growth of 32%.
Despite the lowest total sales volume at $853.8 million, hair care products saw the strongest growth in the third quarter, increasing 23% from the third quarter of 2021, while items with restoration and reinforcement claims outpaced overall category growth.
Skincare sales increased 14% from the third quarter of 2021 to $1.7 billion, largely driven by clinical brands, followed by natural brands.
While physical skincare sales have seen the strongest growth, NPD reports that online sales still account for 40% of sales, except for haircare, which is split almost evenly between revenue. Online and in-store.
With sales of $1.3 billion in the third quarter, fragrances saw an 11% increase over the same period last year, with brick-and-mortar revenue accounting for more than three-quarters of U.S. sales of the category.
While the continued and steady demand for fragrances is one of the growth drivers, average fragrance prices have risen faster in an inflationary environment than any other category, also fueling the category’s rising performance. .
Jensen said she expects cross-category performance not to be hampered by macroeconomic pressures over the holidays, testimony from Leonard A. Lauder. “lipstick clue”, which speculates that cosmetics sales are increasing during tough economic times as consumers turn to affordable indulgences.