As prices continue to rise across the United States, the allure of leisurely shopping has diminished. What used to be occasional indulgences that didn’t dent budgets significantly have now become unattainable luxuries for many. Consequently, some individuals have redirected their focus towards more budget-friendly options like cosmetics and beauty products.
Unlike many other retail sectors grappling with inflation, the beauty industry has managed to sustain its growth as more consumers view purchasing a tube of lipstick as a feasible and affordable choice compared to electronics or subscriptions.
The appeal of cosmetics has been further bolstered by the increasing demand for these products as society transitions back to face-to-face interactions. With companies resuming in-person work and social gatherings like weddings and parties regaining popularity, interest in cosmetics and skincare products has surged. Riding this wave, major retailers including Walmart and Target have ramped up their investments in their beauty departments.
People are spending lots of money on makeup and beauty, and retailers are cashing in https://t.co/jb98P3tjfU
— CNBC (@CNBC) August 15, 2022
“Beauty is an intriguing category different from food or health and wellness, yet it’s something customers engage with daily,” noted Creighton Kiper, Walmart’s vice president of merchandising for beauty, in an interview with CNBC. “There’s a mental wellness aspect tied to it related to confidence and self-esteem.”
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