The investment bank Harris Williams has taken an interest in how the citizens of the United States will consume beauty in 2024. Among the key findings, the survey reveals that Americans are still spending more, if not more, on skincare products.
To carry out this study, 1,250 people were interviewed (79.6% of whom were women). The average age of respondents was 42, and they came from a wide range of ethnic backgrounds.
Results
63% of respondents earn between $75,000 and $199,000 a year. More than 89% of all respondents spend the same or more on cosmetics than in 2023.
More than 63% spend at least 100 dollars a month on their skincare routine.
This budget increase is mainly due to inflation. 57.9% of Americans explain that the ranges they usually use are more expensive. This is particularly true of consumers over the age of 45.
Younger people attribute their higher spending to the pleasure of trying new things in beauty and to the more consistent application of products.
Despite the financial crisis, the respondents feel that their personal economic situation has hardly changed. Seventy-three per cent say that their situation is similar to or even better than in previous years.
As a result, panellists are maintaining the same consumer habits.
Preferences
For Americans, the effectiveness of a product is a factor that comes before the durability or safety of the ingredients contained in the formula.
Younger consumers more often cited a …
