A reduction in purchases of cosmetic products and services is expected, but fashion fares worse
Consumers will also cut back on beauty services including haircuts and manicures
The rising cost of living is forcing Brits to cut back on cosmetics spending, new findings by YouGov found.
1-in-4 consumers across the UK have been forced to cut back on beauty purchases.
This will affect 1-in-3 women and 15% of men.
Consumers are also expected to cut back on beauty services including haircuts and manicures.
Despite the results, cosmetic behemoths are yet to feel the effects.
L’Oréal’s boss said this week that inflation was not having an impact on purchasing cosmetics.
Meanwhile, Coty reported a 19% increase in sales growth for Q3 compared with the previous year.
Retail consultant Wizz Selvery also told Cosmetics Business that the beauty market is “buoyant” in the wake of pandemic.
And cosmetics is by no means at the top of the list of customers’ cutbacks.
YouGov’s results showed that consumers would likely stop spending money on fashion first, ahead of eating out and non-essential food items.
Takeaways came next, followed by luxury items and day trips.
Beauty services, such as haircuts and manicures, were ninth on the list, with cosmetics, including face creams and other products, down in 13th, below petrol and alcohol.