Spas, makeup and cosmetics sales surge in post-pandemic beauty boom
Consumers are spending big bucks on self-care and grooming products
Spas, cosmetics see post-COVID demand increase
FOX Business’ Lydia Hu on the post-pandemic beauty boom.
As more people get vaccinated and restrictions are rolled back, Americans are beginning to transfer one mask for another: enter facial treatment masks, under-eye patches and all other cosmetic essentials.
The post-pandemic beauty boom has many shelling out big bucks on self-care and grooming products.
"People are starting to invest in their appearance," FOX Business’s Lydia Hu told "Mornings with Maria." "They want to look and feel the best versions of themselves after such a long year that we’ve all had."
The beauty spending spree has also been a boon for salons and spas. (iStock)
Spending is up across the board on cosmetics – up 23% year-over-year according to the Consumer Brands Association. Data from market research firm IRI show that lipstick sales are up 80% from the same time period last year. Similarly, teeth whitener sales popped 51%. With offices opening back up and in-person events resuming, the cosmetics segment has seen the fastest sales growth among beauty-care categories over the past three months.
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National brands like Ulta Beauty are also reporting record sales. The beauty products retailer posted first-quarter sales that exceeded pre-pandemic levels, spiking over 65% to $1.9 billion from $1.2 billion a year earlier. Ulta chalked up the growth to an improvement in consumer confidence, an easing of in-person shopping restrictions and government stimulus checks. Ulta’s president, Dave Kimbell, said the company is gaining market share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ULTA | ULTA BEAUTY INC. | 394.06 | +7.42 | +1.92% |
The beauty spending spree has also been a boon for salons and spas, with GlossGenius data showing bookings up over 20% since January. A spa owner said they are seeing a surge in requests for massages, facials and manicures.
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"Doing your nails at home was a huge trend in COVID, and now people seem to be comfortable coming back to the salons," Nielseniq Beauty & Personal Care Director Anna Mayo told FOX Business.