Beauty tops US store brand sales growth in 2023

Key stat: US sales of store brand beauty products grew 10.5% in 2023, according to February 2024 data from the Private Label Manufacturers Association and Circana.

Beyond the chart:

• 17% of US shoppers said they were buying more store-brand products to cut costs, per a December 2023 survey by Intelligence Node in partnership with Dynata.
• Many beauty shoppers have begun turning to dollar stores to find low-priced beauty products, with many stores selling dupes of popular brands and even some national brands like Garnier and Maybelline.
• In an effort to court cost-conscious consumers, Target recently launched a new private label brand, dealworthy, offering an assortment of items (including beauty, home, and essentials) for lower prices, with most items under $10.

Use this chart:

• Assess your private label strategy.
• Illustrate the impact of higher prices on consumer behavior.

More like this:

• Amazon is a channel beauty brands can’t ignore
• 5 factors driving the growth of beauty and cosmetics sales
• More shoppers prefer to buy store brands over national labels
• 3 strategies for boosting retail sales when shoppers have less to spend