1 in 10 women forgo beauty products due to cost of living crisis, research finds

·2-min read
Photo credit: Carol Yepes
Photo credit: Carol Yepes

That the cost of living crisis is affecting our spending habits isn't exactly surprising news. Between surging gas prices, food shops and inflation rates at an all time high, most of us are taking stock of our expenditure and being more prudent when it comes to money right now.

To that end, research conducted by Avon UK has found that 1 in 10 people have given up their make-up due to the cost of living crisis. Meanwhile, a new survey carried out by sustainable skincare brand, UpCircle, revealed that 1 in 5 UK shoppers are worried about being able to afford skincare products.

Experts are, in turn, predicting a shift in spending habits within the beauty sector. 'The cost of living crisis will absolutely hit the beauty industry and consumers will change their purchase behaviours,' agrees WGSN Director of Beauty, Clare Varga. 'Beauty and personal care priorities won’t change, however, so what we’ll see is people focusing on better rather than less.' Here, she specifies consumers favouring discretionary spending and considered choices, looking at both value and cost.

'Not all beauty categories will be affected equally,' she continues, predicting there to be a decrease in spending in specific categories. 'Based on solid post-pandemic sales in 2022, so far the ‘lipstick index’ holds true'; the term coined to describe the increase in cosmetic sales during periods of recession.

Along with the continual rise of affordable but science-backed skincare from likes of The Ordinary, CeraVe and The Inkey List, products with ‘added benefits' are the key here, suggests Varga. For instance, multi-tasking skincare-make-up hybrids and products 'formulated for families' suitable for every member of the household.

What's next for beauty, then? 'Waterless and rinse-free bathing products will go from novelty to necessity,' says Varga. 'Also, expect to see products that can be used at lower temperatures that will also help reduce utility costs and those that reduce shower or bath times will also have a huge appeal, conserving water and saving money.'

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