BeautyMerchandising

100 Precent Price Hikes: Inflation Hits Drugstore Beauty Retailers

The beauty industry has recently experienced a surge in prices, with drugstore beauty brands being no exception.

Published: May 13, 2023 12:40 PM

By Jeanel Alvarado

BeautyMerchandising

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BeautyMerchandising

100 Precent Price Hikes: Inflation Hits Drugstore Beauty Retailers

The beauty industry has recently experienced a surge in prices, with drugstore beauty brands being no exception. Between March 2022 and March 2023, cosmetics prices rose by 4.2% and personal care prices grew 8.7%, according to the U.S. Consumer Price Index. This increase in prices has led to widespread discussions on social media platforms like TikTok and Reddit, where users express their shock at the rising costs of once-affordable products.

One notable example is Olay’s new SPF 30 mineral sunscreen for sensitive skin, which was reportedly found to retail for $49.99 in stores.

Houston-based dermatologist Andrea Suarez shared her disbelief in a recent TikTok post, stating, “OMG $50 is insane.” The video quickly gained traction, with many users echoing Suarez’s sentiments and expressing their frustration with the escalating prices of drugstore beauty products.

@drdrayzday Would you pay $50 for a #drugstore #mineralsunscreen #spf30 ?? Olay is reaching here with that price! #drdrayzday ♬ original sound – Dr Dray Experts attribute these price hikes to various factors, including inflation, rising costs of shipping and raw materials, and the premiumization of drugstore beauty brands.

Inflation, in particular, has a significant impact on consumer spending habits, as unevenly rising prices reduce the purchasing power of consumers, leading to an erosion of real income…

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100 Precent Price Hikes: Inflation Hits Drugstore Beauty Retailers

The beauty industry has recently experienced a surge in prices, with drugstore beauty brands being no exception.

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