Circana Predicts Prestige Beauty’s Phenomenal 2024

According to their expert Larissa Jensen, prestige outperformed mass in 2023 thanks to several key shopper behaviors. Turns out consumers, especially affluent ones, are indulging in higher-end products as little luxuries that boost their emotional well-being. Swoon – who doesn’t love a feel-good find?

 

Another big factor is that core prestige users, aka households earning over $100k, continue ramping up spending regardless of inflation. Their lavish lifestyles mean prestige pampering remains a non-negotiable.

 

Genetics aside, I’m seriously obsessed with the notion of shorter replenishment cycles fueling growth too. Of course we re-up on skincare and hair heroes more often – these categories are truly life-enhancing. But Jensen notes premium-loving Gen Alpha will drive category development for years. Sign me up to try all their hot favorites!

 

Most intriguing of all is Circana’s forecast that brick-and-mortar will continue outpacing online for prestige. As a devoted retailer-hopper, I completely agree nothing compares to immersive store experiences. The chance to swatch, sample and gain expert advice is prestige’s point of difference.

 

Suffice to say, I’m utterly buzzing to see how 2024 plays out! With affluent treat-yo-self shopping and immersive retail culture propelling it, prestige beauty may reach even greater heights. Fingers crossed for many more innovative launches to come.