Want to learn more about beauty retail from Circana?🌴☀️ Beauty Accelerate is making its LIVE Los Angeles debut March 6-7, 2024 at the Millennium Biltmore hotel, featuring expert talks, networking opportunities, and a boutique exhibition of concept products and services from leading ingredient, packaging and contract/turnkey manufacturing partners. 👉🏽 Register now to set your beauty innovation agenda; group rates are now available.
💵DISCOUNT CODE: ATT5
Circana charted strong growth in prestige, which dwarfed growth rates in the mass sector in nearly every category.Circana
“The beauty industry is strong and the outlook remains positive for both the mass and prestige sides of the business in 2024,” said Larissa Jensen, global beauty industry advisor at Circana. “This performance is remarkable given the phenomenal growth it has experienced for the past two years, but the industry should not rest on its laurels. Consumers continue to cope with economic pressures, and being in tune with their shifting mindset is a must. Flexibility, creative thinking, and effectively harnessing high consumer engagement are all part of the winning formula to drive continued growth.”
Makeup Sales 2023
Makeup posted the fastest growing dollar sales in the prestige category. Prestige makeup sales grew about 15%, compared to about 6% in mass.
Makeup was also one of only two mass sectors that grew based on unit sales (the other was skin care).
Top growers in the prestige makeup category included lip makeup which spiked 31% year-over-year, or twice the rate of the overall category. This was led by products such as tinted lip oils and balms.
Skin Care Sales 2023
Prestige skin care grew about 14%, compared to about 11% in the mass category.
Skin care was the fastest-growing category in prestige beauty based on units sold, per Circana. Skin care was also one of only two mass sectors that grew based on unit sales (the other was makeup).
Top prestige performers included face serums and creams, body sprays, body lotions and creams, and body cleansers.
Notably, prestige skin care is gaining market share among 45-54-year-olds with a household size of four that includes children under 18 years old. Circana interprets this as a sign of increased interest in the category among teens and tweens, as reflected in a number of recent media reports.
Fragrance Sales 2023
Prestige fragrance grew about 12%, compared to about 4% in mass.
Top growth categories included higher fragrance concentrations such as eau de parfums and parfums, which gained three share points in 2023.
Value propositions also did well, including mini/travel sizes and body sprays.
Notably, per Circana, unit sales for mini women’s fragrances grew at five times the rate of other sizes, while the size of the body spray market nearly tripled since 2022.
Gift sets, however, were the fastest-growing segment of the fragrance market overall in 2023.
Hair Care Sales 2023
Prestige hair sales grew about 14% in 2023, compared to 6% in mass.
Hair styling was the fastest grower in the prestige hair category, with dollar sales up 24%, driven by a more than doubling of hair launch volume compared to 2022.
Hair is the only beauty category that captures the majority of sales online; in 2023, e-commerce accounted for 52% of sales volume.
Receive a Live Briefing on the State of Beauty Retail
Beauty Accelerate will feature "Beauty Retail 2024-2025," 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.
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.
- Jennifer Famiano, an executive director and beauty industry analyst at Circana.
Famiano 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 Maiden, diving into the dynamics for the remainder of the year and into 2025.
➡️Be sure to register now for the best 1- and 2-day rates, as well as group discounts!
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.
➡️Be sure to register now for the best rates!
