There is no doubt that premium beauty is having a moment: U.S. prestige beauty sales revenue for Q2 2022 jumped 16% year-over-year, totaling $6 billion, according to The NPD Group.
Key drivers of this growth include a pandemic rebound, a growing base of $100K-plus households and high beauty market engagement among high-earning households. In addition, value-seeking consumers are trading up for higher quality products and/or larger product sizes.
During The Premiumization of Beauty, a free virtual presentation now available on-demand, Global Cosmetic Industry features brand insights on the state of retail expansion as well as market data pointing to what, exactly, is going on in the beauty market.
Presenters include Skin Gym's founder, Karina Sulzer, as well as the brand's account director, Annie Moyer.
Sulzer and Moyer are joined by Marc Elrick, founder of BYOMA, which recently entered the U.S. market via Ulta, as well as Noelle Cantarano, VP of global marketing, Future Beauty Labs/BYOMA.
In addition, Larissa Jensen, vice president, industry adviser, The NPD Group, presents data to provide context to industry trends.
Key topics include:
- The prestige boom at Sephora at Kohl's and Ulta Beauty at Target
- Beauty's defiance of dynamics causing headwinds for other sectors
- Future growth opportunities
- Actionable insights for brand seeking to tap into the prestige space