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US prestige beauty sales rose 8% year over year to $15.3 billion in the first half of 2024, while mass beauty sales were flat, according to Circana.
The performance indicates “an accelerated bifurcation” in beauty, Larissa Jensen, global beauty industry advisor at Circana, said in a statement, as consumers continued to seek “elevated value” within prestige.
Makeup continues to be the largest category in prestige. Sales grew 5% YoY, while mass makeup sales dipped 4%. Standout segments in prestige include lip balms and oils, liquid blush, and stick foundation and eyeshadow, while lip gloss and liner boosted sales in mass.
Fragrance, with sales up 12% YoY, has been the fastest-growing prestige category this year, driven both by higher-priced perfumes and lower-priced mini sizes and body sprays. Revenue for body mists and sprays has more than doubled since last year. Younger shoppers’ penchant for seeking out dupes has helped give private label brands a 50% boost.
Skincare has maintained its status as the fastest growing prestige category in terms of units sold, and sales grew 7% YoY, while mass got a 1% bump. The body segment is the fastest-growing within skincare—consumers spent 25% more on prestige body products in the first half of 2024, with 17% more buyers in the market year over year.
Hair product sales grew 10% in prestige and 2% in mass. Products with average prices of $30+ grew three times as fast as lower-priced items, increasing their share of unit sales in the category 10 points to 25% over the past three years. The category is also the only one within beauty where the majority of sales occur online.
Zoom out: The data is consistent with recent beauty earnings. Last month, LVMH reported sales growth in perfumes and cosmetics, as well as in its Selective Retailing division, which houses Sephora. L'Oréal, meanwhile, reported last week that its consumer products division, which includes mass brands like Garnier, Maybelline, and NYX, has seen success in premiumization, particularly in haircare.