As L’Oréal Sales Grow At Twice Beauty Market Rate, CEO Expects Inflation Won't Slow Consumers
L’Oréal reports CeraVe skin care sales up more than 40% year-to-date as it expands brand within US as well as in regions where it’s newly launched. French firm reported July-September sales rose 9.1% on a like-for-like basis.
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Consumers continued to spend more on beauty products in January 2023 in US mass retail doors despite rising prices across face makeup, eye makeup and lipstick segments, according to market intelligence and consulting firm Catalina Marketing.
The COVID-19 pandemic and related austerities may be past, but makeup is still not back, according to Euromonitor. There is opportunity, however, for multi-purpose, benefit-focused cosmetics that support skin health and the natural-beauty appearance consumers cultivated during the pandemic. Additional views from Kline & Company, Mintel, NPD Group.
Prestige beauty sales should be strong through year-end with high-income consumer base less likely to feel squeeze of inflation, NPD Group forecasts. In 2022 first half, US consumers with more than $100,000 household incomes spent nearly $9bn on beauty products, a 14% increase.