Beauty is the newest battleground for market share among top retailers who have each doubled-down their efforts to glean more sales in this higher-margin category this fall. The NPD Group reports that U.S. sales of prestige beauty products dropped 17% last year but recovered about 11% of that loss in the first half of 2021.
Dana Telsey, CEO of the Telsey Advisory Group, said everyone is ready to get back to celebrating special occasions like missed birthdays, graduations and anniversaries, and there is a need for makeup. She said beauty is also a high-margin category compared to grocery, and it’s no surprise to see Walmart and Target expanding beauty offerings. She said consumers also tend to be loyal to their favorite beauty brands, and the products can also drive traffic in stores and online, which retailers seek.
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