Prestige hair is projected to be the same size as makeup by 2024, according to the NPD Group.
“The biggest driver is premiumization,” she continued, “very much like what’s happening with fragrance, where consumers are purchasing products that command a higher price point. This is not necessarily inflationary, as it is consciously making this choice to buy products that cost more.”Also notable is that the popularity of the category has resulted in a decrease in the discounting that is widespread in other areas of the business.
But even as salons have reopened, the retail momentum has continued, with prestige hair sales almost evenly divided between brick-and-mortar and online transactions, according to NPD. “Consumers want prescriptive, personalized and customized regimens for their hair,” she continued, “and they are getting the information online or on shelf or in a salon. They are knowledge hungry.”
Not surprisingly, in a category growing at about 46 to 48 percent per year, there are a lot of hot segments, with people adopting multistep regimens that go far beyond wash and rinse. “Hair oils are also on fire. People are using pre-wash treatments and post-wash styling treatments,” Venkatesh continued. “We just launched JVN, which is clean and planet positive with a huge sustainability angle — that has also seen really customer engagement.”
“They are highly engaged beauty shoppers and they shop cross functionally,” she said. “They also very often change the look of their hair. If you’re coloring your hair and changing your look, you really need to take care of it. Masks, serums, oils — these products really treat the hair and enable people to express themselves through their hair and still have hair that’s shiny and healthy.”
Ulta, too, is dialing up on story-telling and content creation and giving more emphasis to the category on its website and social media platforms. “In some prototypes we’re giving hair more space, but it’s about getting more productive in terms of the space we’re in,” said Philips. “We’re all about the possibilities of beauty and we want a lot of brands, but it is sharpening them and not having such a long tail.
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