Price hikes are changing the way consumers shop for beauty. WSL Strategic Retail takes a deep dive into which consumers are most impacted and how their change in behavior is impacting beauty at retail and online.
For the majority of shoppers, prices are not inflated—they have forever increased to a new rate. To cope, more than half are cutting spending so they can pay their rent and utilities, and feed their families. But there’s also a core group who may not have to cut back but are being cautious—because you never know—namely people earning $75,000 to $150,000 who fall in the Gen Z, Millennial, and Gen X demographics.
“What’s absolutely clear is that regardless of who they are and how much they earn, beauty shoppers are on a mission to find more affordable ways to get what they want. There are so many great quality, innovative, and less expensive options today. Shopping smartly for beauty is now a badge of honor. (Luxe brands take note.)”
Wendy Liebmann, CEO & Chief Shopper, WSL Strategic Retail