‘Recession Glam’ Emerges in Beauty Categories
SHOPPERS AROUND THE WORLD are shifting toward low-maintenance, cost-effective beauty care routines, according to data analytics company Euromonitor International.
Economic pressures are driving the change as the so-called “Recession Glam” reshapes the global beauty and personal care market valued at $593 billion in 2024.
According to Euromonitor International’s latest report, shoppers are increasingly trading premium for mass brands, seeking products that deliver quality and value.
This shift is evident in lip products and fragrances categories, which offer small indulgences at a lower cost. Fragrances are set to contribute the largest portion of industry growth, accounting for 23% of absolute growth between 2024 and 2029, with a forecast CAGR of 5.5%.
The Rise of Scent-Stacking
The surge of scent-stacking – that is, layering scented products to create a lasting fragrance – allows consumers to reimagine indulgence through affordable luxuries. As a result, many players turned their attention to body mists, which grew by 7.1% from 2023-2024.
Euromonitor officials said premium and luxury players are entering the market with fragrance-adjacent offerings that serve as a gateway for budget-conscious consumers. Brands are reacting by investing in exclusive scent profiles and premium packaging.
Yang Hu, Asia Pacific insight manager for health and beauty at Euromonitor International, said: “With inflation front of mind, consumers’ smarter spending is redefining the beauty playbook. The definition of premium is changing – less about price, more about perceived value and purpose.”
Budget Retailers Target Beauty Reinvention
Brands and retailers alike are responding to the changes with expansion to reach price-weary consumers, and the development of private label products, which dominate prime industry shelf space.
Euromonitor reports that US discount retailers have begun expanding beauty brand offerings, pushing their reach into rural communities servicing value-conscious shoppers. More consumers are visiting warehouse clubs for their bulk-buying value benefits.
Seeking Affordable Indulgence
In 2024, Asia Pacific accounted for 31% of global industry sales, but posted modest growth driven by tighter budgets and a pronounced shift toward more affordable alternatives, from premium to mass.
Western Europe saw an increase in fragrance sales, underscoring consumers’ inclination to seek affordable luxuries, with fragrances serving as a resilient form of personal indulgence, even amid broader economic uncertainty.
