The beauty sector, which includes makeup, skincare and hair care, tends to be resilient regardless of broader economic conditions.
NEW YORK, July 8 (Xinhua) -- The sales of fragrance is the fastest-growing in the prestige beauty sector in the United States, climbing 13 percent in the first quarter this year, according to market research firm Circana recently.
Over 100 million units were sold in the U.S. last year, with annual sales projected to hit 9 billion U.S. dollars by 2026.
First-time buyers and men are driving much of these gains, gravitating toward high-end brands, while younger shoppers, particularly tweens, are stocking up on gift sets and body sprays available at lower price points, said the Washington Post in a recent report about the trend.
It also noted that "the upswing speaks to evolving consumer habits after the pandemic, from which Americans emerged flush with savings and eager to indulge."
According to Circana, sales among shoppers aged 25 to 44 have soared 19 percent, though unit sales are notably more robust in households with children. Gen Alpha -- those born from 2010 to 2024 -- is keen on body spray, which tends to be a lower-cost, less potent option.
For example, according to beauty conglomerate Coty, its seven top brands -- Hugo Boss, Burberry, Calvin Klein, Chloe, Davidoff, Gucci and Marc Jacobs -- accounted for nearly 90 percent of its fragrance sales. Net revenue in the category swelled nearly 60 percent year over year.
The beauty sector, which includes makeup, skincare and hair care, tends to be resilient regardless of broader economic conditions.
Larissa Jensen, a beauty industry advisor at Circana, said people spend when they're feeling good and when they're feeling down.
If the economy is in a slump, people buy a low-ticket luxury to boost their mood. ■