Apart from soaring grocery and gas prices, the beauty industry is also not immune to shooting inflation.
Many beauty brands have raised the prices of their products, and it is not sitting well with customers. Google’s marketing research platform, Think with Google revealed that in June, the term “dupe” saw a 40% global year-over-year uptick as multiple price-sensitive search terms saw a significant rise. Shoppers are finding affordable products that are akin to high-end beauty products. The Harris Poll shared findings from its April survey data and reported that 84% of Americans are planning to reduce their spending due to inflation. They are limiting discretionary expenditures such as “restaurants” and “impulse purchases”.
