Beauty & Wellness Markets Are Thriving
While 2021 was a challenging year for many businesses, it appears to not have been a challenge for the beauty industry. Kline’s 47th edition on the U.S. beauty and personal care market highlights how the market has evolved post-pandemic and it appears to be thriving.
According to Kline, beauty is back in business with 2021 results reversing the losses that several categories, such as fragrances and skin care, faced in the year prior. The U.S. beauty and personal care market surpassed $85 billion in retail sales in 2021, an increase of $7 billion from 2019 sales levels. This is the market’s strongest performance in the last 10 years. Cosmetics and fragrances saw escalating sales of these products fueling total industry growth now and in the future. Makeup jumped 12% in 2021 and fragrances are up 25%. Kline also revealed that foot traffic data from SafeGraph reveals that Q1 foot traffic was up 25% versus year ago and up 14% from 2019 levels for select beauty retailers such as Sephora, Ulta and Bath & Body Works.
Based on these findings, it appears the beauty and personal care markets will continue to floursh in 2022.