Inflation has suppressed Americans' shopping enthusiasm, but this category has grown against the trend!

According to the latest data from Inmar Intelligence, while inflation has put pressure on the lives of American consumers, their spending on beauty products has not slowed down. Data from Inmar Intelligence shows that the number of shoppers who spend more than $500 on beauty products has soared by more than 10% last year.

Inmar Intelligence points out that the "lipstick effect" (coined by Estee Lauder Chairman Leonard Lauder to describe consumers' greater preference for small, affordable luxury goods during recessions and economic downturns) is more evident now than ever before.

Here are some key findings from the Inmar Intelligence survey of 1,000 respondents:

Shoppers are spending more on beauty items: The number of respondents who spent more than $500 on beauty products in the past year jumped from 24% to 36.5%.

Additionally, the number of respondents who have spent more than $1,000 on beauty products in the past nearly doubled, from 4.5% to 7.3%.

The biggest drivers for increased spending were "improved self-esteem" and "earning more compensation." 24% of consumers reported spending more on beauty out of a conscious motivation to improve their self-esteem and confidence, while 18% reported spending more on beauty due to an increase in income.

To save money, shoppers are turning to loyalty programs and promotions rather than cutting out items. To combat inflation, 26% of respondents have signed up for loyalty programs to take advantage of financial rewards for beauty purchases, and 29% are intentionally seeking out coupons and deals to save money.

Only 10% of respondents cut back on some beauty products to save money due to inflation. Among them, nail care is the main category for cuts (41.3%), compared to makeup (28.7%), hair care (15.57%) and skin care (14.4%).

Editor ✎ Nicole/

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