Eighty-five percent of consumers have indicated a shift in their shopping behaviors, according to a recent Morning Consult survey. Yet, higher-income shoppers are more insulated from inflation and are less likely to alter shopping behaviors. Consumers with an annual household income of over $100,000 have spent nearly $9 billion on beauty products in the first half of 2022, according to a report by The NPD Group. That marks an increase of 14% year over year, with Gen X and millennials leading spending. Even as many households have cut discretionary spending during a time of high inflation, the beauty category is showing signs of resilience. Moreover, high income U.S. households account for more than 40% of beauty sales revenue, according to NPD research.
More information here: https://www.retaildive.com/news/high-income-shoppers-have-already-spent-nearly-9b-on-beauty-in-2022-repor/630758/