January 2025
There’s strength in beauty
Are shifting consumer preferences re-shaping what self-care looks like?
Key takeaways
- When it comes to primping, some consumers aren't scrimping: spending on self-care services like salons and gyms is on the rise. In fact, it was up 1.6% year-over-year (YoY) in December 2024 and has been solid for the past two years. The downside however, is that consumers are deferring some self-care purchases at retailers, with spending down 1.4% YoY in December, according to Bank of America data.
- Within self-care, the beauty sector and gyms were notable standouts and spending growth in these categories has been positive over the past two years. However, growth has slowed since 2022, especially for specialty beauty stores, up 3.2% YoY in December, but down from the nearly 13% YoY increase in December 2022.
- Who's prioritizing self-care? Baby Boomers lead the pack with their spending growth for beauty sectors far outpacing other generations and remaining solid for fitness clubs and gyms. And our analysis suggests Baby Boomers also have some capacity to increase their self-care spending, while younger generations are more likely to seek value and low-cost alternatives.
Read our full analysis for a more in-depth look at these trends.
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