Diverging Trends: Prestige Beauty Soars as Mass Market Stagnates in 2024's First Half

In the first half of 2024, the U.S. beauty market witnessed a stark division between its prestige and mass market segments. According to Circana, the prestige market saw an 8% growth driven predominantly by higher-income consumers, while the mass market remained stagnant. The trend reflects a growing consumer inclination towards value-driven purchases within the higher-end sector, with notable increases in categories such as fragrances and skincare, particularly body sprays and premium skincare products. This shift suggests a consumer preference for luxury experiences at more accessible price points, even as the mass market struggles with declining unit sales and a reliance on price increases to boost revenue.

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