10.17.24
In the first half of 2024, the U.S. prestige beauty market grew by 8% to $15.3 billion, while sales at mass merchants held flat, according to Circana. Fragrance is the fastest-growing prestige beauty category so far this year, with dollar sales up 12% in the first half versus the same period in 2023.
Sales are growing at both the higher and lower ends of the price spectrum within prestige, while lower-priced products including mini sizes and body sprays are also doing well. Popular among younger consumers, body mists and sprays, with average prices under $25, more than doubled in sales revenue since the first half of 2023. Younger consumers are also fueling the dupe culture trend, which is a bright spot in the mass fragrance market, where private label brands grew more than 50%, with many touted as affordable duplicates of prestige and luxury brands.
Sales are growing at both the higher and lower ends of the price spectrum within prestige, while lower-priced products including mini sizes and body sprays are also doing well. Popular among younger consumers, body mists and sprays, with average prices under $25, more than doubled in sales revenue since the first half of 2023. Younger consumers are also fueling the dupe culture trend, which is a bright spot in the mass fragrance market, where private label brands grew more than 50%, with many touted as affordable duplicates of prestige and luxury brands.
