The US skincare and cosmetics industry is a thriving market, with consumers spending billions of dollars each year on products to improve their appearance, boost their confidence, and engage in self-care rituals. The industry has shown remarkable resilience, even in the face of inflation, with a 4% growth in 2022, reaching a staggering $30 billion in sales compared to the previous year.
Beauty Shopping Habits
When it comes to beauty shopping habits, Standard Insights conducted a survey involving over 400 Americans, providing valuable insights into their habits, preferences, and opinions concerning US skincare and cosmetics. The survey revealed that beauty shopping is part of the monthly routine for 23.4% of Americans, while 26% prefer shopping every few months to keep their beauty collections fresh and updated.
For the beauty enthusiasts, a remarkable 22% indulge in weekly beauty hauls to stay abreast of the latest trends. On the other hand, 8.7% of Americans choose to stock up on skincare and cosmetics only once a year, indicating less frequent purchasing habits. Surprisingly, nearly 20% of Americans revealed that they never buy skincare or cosmetics.
While e-commerce is booming, the survey showed that 55% of Americans still prefer to buy their cosmetics and skincare in physical stores. However, businesses should not choose one channel over the other. Consumers expect a connected experience, with shopping being fast and efficient at times and rich and experiential at others.
Factors Influencing Purchase Decisions
When it comes to choosing skincare and cosmetic products, six out of 10 Americans prioritize quality and affordability. They want products that deliver results without breaking the bank. The significance of ingredients cannot be overlooked either, with 43.9% of respondents ranking it as a crucial factor in their decision-making process. This highlights the growing trend of consumers prioritizing products with natural and beneficial ingredients.
In skincare products, some of the most sought-after ingredients are polypeptide, snail mucin, seaweed, polyglutamic acid, and copper peptide. Consumers are becoming more conscious of what they put on their skin and are seeking products that deliver both efficacy and safety.
While brand reputation still carries weight in US skincare and cosmetics preference, it ranks lower among the factors influencing purchases, at 33%. Celebrity endorsements, on the other hand, play a minor role, with only 3.6% of respondents swayed by star endorsements. Recommendations from friends and family appear to carry substantial weight in purchase decisions, as 13.7% of respondents value these personal endorsements.
Willingness to Try New Products and Trends
Consumers' willingness to explore new products and trends is a goldmine for brands and innovators. Standard Insights' report showed that at least 6 out of 10 Americans are willing to try out new skincare and cosmetic products. This presents a unique opportunity for brands to introduce innovative and exciting offerings to capture consumers' attention and loyalty.
A Confidence Boost and Self-Care Ritual
Beauty and confidence are the driving forces behind the purchase of skincare and cosmetics for many Americans. Over half of the respondents (56%) cited the desire to improve their appearance as the primary reason for buying skincare and cosmetics. Just a hair's breadth behind, 55.6% of participants noted that they purchased these products to feel better about themselves. Skincare and cosmetics have the power to enhance one's self-image and boost self-confidence.
Research by Harvard Medical School and the University of Chieti further validates these claims, revealing that cosmetics can enhance an individual's self-esteem, attitude, and personality. It also draws a compelling link between makeup use and academic achievements.
Going Green: The Natural and Sustainable Trend
A wave of green and sustainable practices is sweeping through the skincare and cosmetics industry. Around 8 out of 10 Americans recognize the value of sustainable packaging, and more than half of Americans prefer natural and organic products. This shift in consumer preferences is driven by a growing awareness of the environmental impact of the beauty industry and a desire to make more eco-conscious choices.
The cosmetic industry contributes a staggering 120 billion units of plastic packaging annually, with a significant portion ending up in landfills. To address this issue, some companies have started to offer refillable beauty products, reducing waste and promoting a more sustainable approach.
Power of Social Media
In the quest for new skincare and cosmetics, consumers turn to online reviews and social media platforms for guidance. 55.6% of respondents rely on online reviews, while 44.9% seek inspiration from social media platforms such as TikTok and YouTube. Additionally, 34.8% visit official brand websites, 28.4% engage in in-store testing, 41.1% seek recommendations from friends and family, and a small percentage (2.5%) employ alternative methods.
TikTok has gained significant influence in the beauty industry, with 89% of its users having purchased beauty products after seeing them on the app. Brands can leverage the power of social media to connect with consumers, showcase their products, and build brand awareness.
Conclusion
The US skincare and cosmetics market is a dynamic and ever-evolving industry. Consumers are increasingly prioritizing quality, affordability, and natural ingredients when choosing skincare and cosmetic products. They are also more willing to try new products and trends, presenting opportunities for brands and innovators to introduce exciting offerings.
The demand for sustainable products is another key trend in the industry, with consumers actively seeking environmentally friendly packaging and organic ingredients. As the industry moves towards sustainability, brands can make a positive impact by adopting eco-conscious practices and offering refillable options.
Social media plays a significant role in influencing consumers' purchase decisions. Online reviews, social media platforms, and brand websites are important sources of information for consumers researching new products.
By understanding these trends, brands and marketers can develop and promote successful products in the US skincare and cosmetics market. It is crucial to prioritize quality, affordability, natural ingredients, and sustainability to meet consumers' evolving preferences and needs.
To delve deeper into the data and gain more insights, it is recommended to request a demo from a market research company. Elevate your brand with key consumer insights and make informed, data-driven decisions to stay ahead in the competitive skincare and cosmetics market.
