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Consumers Still Seeing Beauty Products as a Necessity
Posted: July 31, 2014
In the blog post “I Need It! I Need It Bad!” from The NPD Group’s vice president and global beauty industry analyst Karen Grant, life’s “necessities” are evaluated. Grant discusses the need to occasionally cut down or even cut out particular products as budgets tighten, but research from The NPD Group shows consumers are still place a priority on beauty products, but they are spending on themselves as well as on other.
Grant writes, “Have you noticed yourself finding ways to sweeten your day? Was it something for you? Was it for something you shared with someone dear to you? For beauty shoppers, both realities are true: less are cutting back on treats for themselves, and for treats they enjoy with others. Whether they are items like apparel and accessories, or experiences like entertainment in and outside of the home, fewer beauty shoppers are willing to forego their feel-good treats. Foregoing that personal electronic item they’ve had their eye on is about as likely as cutting the vacation they have been looking forward to taking. And, when it comes to beauty, those claiming beauty products are the first thing they would cut if money gets tight dropped to the second lowest level since 2008. In fact, for beauty shoppers, whether they shop at the local drug store or high-end department store, the number reporting that they factor beauty products into their budget and cut spending on other things to buy their favorite brands is tied for the highest level seen in six years.”
Clearly, beauty consumers are still seeing a lot of importance in their beauty products.