Cosmetics Business reveals the top 5 budget beauty trends of 2023 in new report
-
Loading... - Michael Wagner
- 27 Feb 2023
- 77 Views
- 0 Like
- 0 Comment
Beauty has a long-held reputation for being recession-proof, and despite a year of soaring inflation and escalating supply costs, it is again holding true as dynamic sales propel the US$546bn global beauty market into 2023.
But trend analysts have found while beauty remains a resilient sector, consumers are reacting to economic shifts in different ways.
“Despite being one of the more recession-resistant industries, the cost of living crisis is already causing many people to reevaluate their beauty and personal care purchases,” says WGSN's Director of Beauty, Clare Varga.
This has been picked up by a number of recent studies over the past year, with Superdrug finding that 80% of consumers are set to switch to cheaper brands.
Another study by Avon found that a quarter (26%) of UK women are giving up perfume and one in five women are choosing to go without make-up (20%) and skin care (15%) products. Read More…
