With a seven per cent year-over-year increase, prestige beauty sales in the US have reached a whopping $US4.1 billion for Q3, according to data released by the NPD Group.
The results found the largest category was makeup at $US1.9 billion however, it was also the slowest-growing category, only increasing by one per cent.
But it’s skincare, up 15 per cent to $US1.3 billion, which had the biggest increase.
“The big story for the third quarter is the acceleration in skincare, which is growing more than twice the rate of fragrance and 15 times faster than the rate of makeup,” NPD beauty industry analyst Larissa Jensen, said in a statement.
“We continue to see natural brands and entry-price categories fuel the skincare category, but the big shift this year is the renewed interest in new products from legacy classics in the anti-ageing category. With consumer confidence breaking records, the two highest-priced beauty categories of skincare and fragrance may be reaping the benefits of a bigger wallet.”
Fragrance followed next, with an increase of six per cent to $US783.6 million. Hair was the fastest-growing category, increasing in sales by 27 per cent to $US176.7 million.
As for heading into the end of the year, Jensen said the holiday season will centre on value, newness and fun.
“Skincare sets tend to perform well every year during holiday. I expect sales of face masks and minis will be strong, as the low price-point, and fun packaging encourages the add-on gift purchase,” she said.
“In a similar fashion, travel-sized makeup products have experienced double-digit gains throughout 2018, so I anticipate the strong performance will spill over into holiday. In fragrance, launches during holiday can make or break the category, but given the robust performance seen so far in 2018, I anticipate fragrance will end the year strong.”
Image source: @lamer
