With the cost of living crisis set to hit consumers hard, beauty and personal care brands and retailers will be keeping a close watch on how their buying behaviour changes.
Will they cut back on luxury labels, switch to cheaper brands? Will they scale back their use of ‘non-essential’ products such as fragrance and make-up as they go out less – an impact seen during the 2008 crash when inflation was high?
Already, consumers are buying fewer beauty products than they were six months ago. In the UK, one in three female consumers, and a quarter of consumers in total, have been forced to cut back on beauty purchases since November 2021, according to YouGov.