After a dip in 2020, the current beauty product market is soaring as a major retail sector. Last year, Euromonitor International reported that the global valuation of the beauty industry was over $617 billion. In the US, this same market is expected to be worth more than $130 billion by 2026. Among the leading segments in this specific market, though, prestige beauty is the most in-demand.
According to the Circana study above, sales for prestige products surpassed mass-market beauty sales. In 2023, the former saw sales increase by 14% in a single year, while the latter saw only a more modest 6% rise. This success comes as shoppers become increasingly discerning with their purchases and more willing to invest in premium goods.
That said, prestige products are known for their lofty price tags, which aren’t always the most accessible for consumers. However, there are still ways for you to add these luxurious products to your beauty routine without sacrificing your budget.
Shop exclusive online sales
A big perk that shopping online offers is the opportunity to make the most of purely digital sales. Because online platforms are not beholden to the same high overheads as physical stores, they’re able to offer discounted prices regularly.
On well-established platforms, this can be taken up a notch by offering these exclusive beauty deals among high-end products, too. For instance, on QVC, shoppers are often privy to limited-time promotions that allow them to purchase online. For example, consumers looking for skincare products can purchase the mega-sized version of the Josie Maran Argan Sugar Balm Hydrating Body Scrub at a drastically reduced cost comparable to what other regular-sized ones would go for in a brick-and-mortar store. Similarly, makeup fans can buy popular products, like the Smashbox Studio Skin Flawless 24-Hour Concealers in special duos. Overall, this allows for significant savings that you wouldn’t get otherwise while shopping for prestige beauty.
Sign up for special memberships
Customer loyalty is very valuable to retailers as it ensures profit and relevance. As such, many shopping platforms have initiatives to encourage customers to keep transacting with them. Across beauty retailers, this often includes customer memberships, like what they have at Sephora. Dubber their Beauty Insider program, membership is free for shoppers who give the platform their email address upon sign-up. With this, every purchase made at the store gives the member “points,” which can later be used to purchase deluxe samples or full-sized products. Depending on how often you shop, your membership can be upgraded to higher tiers with more substantial perks, like early access to sales and special events. On your birthday, you can even choose a “gift” from well-known brands, such as Charlotte Tilbury, Dior, and Olaplex.
Subscribe to beauty boxes
If you enjoy prestige beauty but often find yourself pressed for time to shop, let alone peruse, then a beauty box subscription may be for you. Offered by companies like Birchbox and Ipsy Glam Bag, these subscriptions are hugely popular today, with up to 40% of respondents admitting they were very interested in trying it out.
Through this service, you can receive samples of different beauty products that have been customized just for you. For example, you may currently be focused on reducing fine lines. For some women, especially mature women, this is achievable via Botox injections that prevent further creasing. However, you may still want to ensure that new wrinkles are less likely to form through preventative skincare. By inputting this information in your subscriber profile, you can receive curated products with relevant ingredients like collagen and hyaluronic acid. Some of the products offered in these subscriptions also include expensive names like Brioge and Anastasia Beverly Hills.
The items provided here usually come in sample or mini sizes, so it’s a great way for you to try out luxury items without immediately committing to a pricier, full-sized option. At the same time, since these subscriptions can be tailored to different price points and shipping frequencies, you won’t have to shell out more than you’re comfortable with.
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