Happi: Is the Skincare Industry Recession Proof?
In a recently featured Happi article, Provoke Insights’ Carly Fink and Jordin DeSenzo investigate the effects of rising inflation on the skincare industry and consumer responses. Their comprehensive research, which included surveying 1,500 participants from the United States, highlights consumer concerns about inflation and its effects on prices in various retail sectors, including skincare. Interestingly enough, despite these worries, skincare sales have experienced a notable 12% increase since Fall 2022. The study further explores the demographics and preferences of skincare shoppers, emphasizing the importance of targeted advertising, values alignment, and strengthening customer loyalty for brands.
Key highlights include:
- Skincare consumers prioritize quality over price, setting them apart from other consumer-facing industries.
- Skincare shoppers exhibit strong loyalty and are more likely to continue purchasing even during a recession.
- The significance of brand loyalty and a preference for familiar skincare brands among consumers.
- Consumer shopping preferences: a preference for online shopping while also valuing the experience of browsing in-store.
- The importance of DEI (Diversity, Equity, and Inclusion) and sustainability values is growing among skincare shoppers.
Overall, the article provides valuable insights into the impact of rising inflation on the skincare industry and offers recommendations for beauty brands to navigate these challenges successfully.