The US prestige beauty market’s value reached US$33.9bn in 2024.
This was fueled by the fragrance category, which saw sales increase by 12% during the year, according to the data from consumer insights firm Circana.
Sales of prestige fragrances in department and beauty speciality retailers accounted for 28% of total prestige beauty income.
Demand for higher concentrations, such as parfums and eau de parfums (edps) also supported sales growth by 43% and 14%, respectively.
Luxury brands accounted for 12% of prestige fragrance sales and grew faster than the overall category.
Sales of value-based and layering-type products, such as body sprays, jumped by 94% and hair fragrances increased by 32%.
“The beauty industry’s resilience continues to shine as consumers turn to beauty to not only look but also feel good,” said Larissa Jensen, Global Beauty Industry Advisor at Circana.
“With beauty products intertwined with consumers’ emotional needs and wellness routines, maximising this opportunity will go a long way to ensure a healthy future for our industry.”
Skin care was ranked as the “softest-growing” category in the prestige market in 2024, with sales increasing by 2%.
Despite the slow growth, lip treatments and face cleansers were highlighted as top performers.
Body care continued to outperform the facial segment, which Cricana said stemmed from products including creams, lotions, cleansers and hand soaps.
For make-up, dollar sales grew by 5%, with lip products coming in as the top-performing cosmetic product in 2024 and increasing by 19%.
This was driven by the popularity of hybrid products providing cosmetic coverage with skin care benefits such as lip oils and balms.
“In the past year, prestige face make-up products with moisturising, brightening and mattifying benefits outpaced skin care products with the same benefits – highlighting the importance of the skinification trend,” Circana added in a statement.