The US beauty market is rebounding against the trend! Demand for multiple categories is surging!

It is learned that according to foreign media reports, as prices rise, Americans no longer buy new clothes and their interest in large items such as televisions has also greatly decreased. However, they still spend lavishly on beauty products, and the US beauty market has rebounded against the trend.

The report said that the recovery of the US beauty market is inseparable from these factors: first, as the epidemic eases, people return to the office, and the number of weddings and gatherings has also surged; second, during the epidemic, people have developed the habit of doing facial and hair care at home.

Data from The NPD Group showed that as U.S. consumers cut spending on non-essential items, sales in categories including apparel, technology and toys fell, leaving beauty as the only category to see sales growth in the first half of the year.

Larissa Jensen, beauty analyst at NPD, said that in the first half of this year, sales of cosmetics, including lipstick, increased by 20%, skin care products increased by 12%, perfume increased by 15%, and hair care products increased by 28%. It is worth noting that households with annual incomes of more than $100,000 have driven the growth of this beauty category.

Although both Walmart and Target have issued profit warnings and announced significant price cuts for non-essential categories such as apparel and home furnishings, both companies are focusing on their beauty departments by adding new brands to attract customers.

A year ago, Target announced that it would open hundreds of Ulta beauty stores within its physical stores, offering hundreds of products from brands including MAC and Clinique. Now, the company plans to add another 250 Ulta stores in 2022, covering 800 locations in the United States, accounting for 40% of its U.S. business. In addition, since January 2022, Target has introduced more than 40 brands to its beauty category.

In announcing its first-quarter financial results, Target CEO Brian Cornell reported that beauty sales had increased by double digits compared to the same period last year, making it the only category to grow outside of essentials like food and beverages.

The move comes after Walmart announced new display areas in 250 of its stores to showcase Mario Badescu, Patchology and other brands commonly seen at professional beauty stores or makeup counters in department stores. In addition, Walmart is rolling out displays called "Beauty Finds" in nearly 1,400 stores to offer shoppers lip gloss, lotions and other products for $3, $5 or $9.

Creighton Kiper, vice president of Walmart's beauty business, said that Walmart's cosmetics business has achieved double-digit growth in the past few quarters. The reason is that as consumers' budgets become tighter, doing nails or dyeing hair at home has become popular again, and people have begun to buy various beauty products from Walmart for home care.

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