5 Cosmetic & Beauty Industry Trends for 2024

and hair care products. Notably, skincare items represent the largest segment within the global cosmetics market, outstripping hair care and makeup. In 2023, U.S. sales of skincare products, particularly facial cleansers and moisturizers, surpassed the one billion U.S. dollars mark, showcasing their substantial consumer base.

In-Store Shopping Preferences Despite the surge in the digital age, American consumers still strongly prefer purchasing beauty products in physical stores. Nearly 80 percent of respondents in a recent survey reported buying beauty items from brick-and-mortar retailers.

Pharmacies like CVS, Walgreens, and Rite Aid are popular venues for these purchases. Furthermore, specific consumer demographics have distinct preferences: Generation Z tends to favor Sephora and Ulta Beauty as their go-to beauty shopping destinations. This age group also shows a distinct preference for brands like e.l.f.

and Rare Beauty. Rise of Beauty E-Commerce While in-store shopping remains prevalent, online beauty purchases have seen significant growth. As of 2023, around one-quarter of U.S. beauty shoppers reported buying cosmetics online monthly, with over ten percent doing so weekly…