While the vast majority of people buy their cosmetics in places like drugstores and supermarkets, there is a special class of cosmetics for those who want the luxury experience when it comes to makeup and skin care. The market for luxury and prestige beauty generated revenues of about
and this figure is expected to grow to approximately 87 billion dollars by 2028.
A great part of the sales value of prestige products is attributed to
.
The United States is currently the most prominent country in the global prestige cosmetics and fragrances industry, having generated revenues of nearly
The U.S. market
The United States is indeed home to a
27-billion-dollar prestige beauty industry. One of the largest segments is luxury
hair care, which experienced a notable sales growth of about 22 percent in 2022. In the first quarter of that year,
make-up remover was the fastest-growing prestige beauty product, with a sales growth of approximately 60 percent.
According to a recent survey, 17 percent of U.S. consumers stated that the
attribute “luxury” is important to them when purchasing beauty and personal care products.
In 2021, leading the ranking of the most well-known premium brands in the U.S. was
Clinique, followed by beauty giant Estée Lauder.
Market leaders
Luxury cosmetic brands, such as
Estée Lauder and Lancôme (L'Oréal), are among some of the most valuable personal care brands in the world. Estée Lauder saw a substantial
increase in sales between 2008 and 2022, growing from nearly eight billion U.S. dollars to around 17.7 billion U.S. dollars. About 24 percent of Estée Lauder’s revenue is generated by
makeup sales, making it the largest product category for the company.
Meanwhile, sales of
L'Oréal’s product category Luxe have also increased over time, and the segment currently makes up the largest share of the company’s consolidated sales.
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