Current estimates value the U.S. beauty industry at somewhere around $56 billion with nothing but growth in sight. It is one of the fastest-growing consumer goods and retail sectors that is perhaps one of the hardest for new brands and retailers to crack. With more places to buy beauty than ever, shoppers are shifting more of their spending to beauty specialists. These specialists are poised to add another $10 billion in sales over the next five years, dominated by growth from Sephora and Ulta.
Shoppers are also taking more factors into account when deciding where to buy beauty products and which ones to buy. While price is still a big factor in product purchases, shoppers are also seeking products that make them not just look good but also feel good. Looking and feeling good has a huge impact on shoppers’ mental and emotional well-being, making it a key factor for retailers that want to harness the health and wellness movement in this category. See a 6-minute summary of how beauty is making waves in wellness.
This infographic provides a quick look into where, how, and why shoppers are buying more beauty products. To learn more about how specialty beauty is shaping and leading the retail industry, join us at our Drug Channel Workshop July 24 in New Jersey. I’ll be exploring the best-in-class loyalty programs of Ulta and Sephora and how suppliers can implement similar best practices in the drug channel.
For more information, please contact:
Tiffany Hogan, Senior Analyst