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Beauty Sector Sees Surging Growth Amid Global Rise in Prices

While inflation escalates on various goods and services across the United States, the notion of leisurely shopping has lost some of its appeal. For certain individuals, previously occasional indulgences that had minimal impact on their finances are now entirely unattainable. Consequently, some have shifted their focus towards cosmetics and beauty items.

Compared to other prominent divisions within the retail sphere, the beauty sector has sustained its upward trajectory despite inflation, with more consumers viewing a sporadic lipstick purchase as a practical and budget-friendly option in contrast to electronics or subscriptions.

Aside from the reasonable cost of cosmetics, there has been an increased demand for these products as society embraces face-to-face interactions once again. With businesses bringing back employees to the office and social gatherings like weddings and parties becoming more acceptable, the interest in cosmetics and skincare has soared. Riding on this wave, major retailers such as Walmart and Target are now heavily reinvesting in their cosmetic departments.

“Beauty represents an intriguing category that stands apart from food and wellness, yet customers engage with it daily,” shared Creighton Kiper, Walmart’s vice president of beauty merchandising, in an interview with CNBC earlier this summer. “There’s a psychological wellness aspect tied to confidence and self-worth.”

Image Source: Sofia Zhuravetc / Shutterstock

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