Magnificence & Wellness Markets Are Thriving
Whereas 2021 was a difficult 12 months for a lot of companies, it seems to not have been a problem for the wonder business. Kline’s 47th version on the U.S. magnificence and private care market highlights how the market has advanced post-pandemic and it seems to be thriving.
Based on Kline, magnificence is again in enterprise with 2021 outcomes reversing the losses that a number of classes, corresponding to fragrances and skincare, confronted within the 12 months prior. The U.S. magnificence and private care market surpassed $85 billion in retail gross sales in 2021, a rise of $7 billion from 2019 gross sales ranges. That is the market’s strongest efficiency within the final 10 years. Cosmetics and fragrances noticed escalating gross sales of those merchandise fueling complete business development now and sooner or later. Make-up jumped 12% in 2021 and fragrances are up 25%. Kline additionally revealed that foot visitors knowledge from SafeGraph reveals that Q1 foot visitors was up 25% versus 12 months in the past and up 14% from 2019 ranges for choose magnificence retailers corresponding to Sephora, Ulta and Tub & Physique Works.
Primarily based on these findings, it seems the wonder and private care markets will proceed to floursh in 2022.