Times may be tough but consumers are still spending on beauty. It’s an insight shared by multiple research companies from Kantar to The NPD Group, and is based on the very latest data.
Nevertheless, shopping behaviour has changed, and will undoubtedly continue to through 2023. “Naturally we are seeing that consumers are adapting their spending habits according to the persisting price inflation,” says a spokesperson at Swedish fintech company Klarna. “Consumers are still spending, they are just spending smarter.”
One of the key ways they are doing this is by comparing prices more frequently. According to recent data from PriceRunner, the price comparison platform acquired by Klarna in 2021, every major beauty product category has seen a significant percentage rise in the amount of price comparisons made by consumers.