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According to a report from The NPD Group, consumer confidence is rebounding, particularly in the beauty market.
According to A Snapshot Report on Beauty Consumers’ Reactions to the Economy from The NPD Group, Inc., a leading market research company, 55% of beauty shoppers surveyed in April told NPD they will still buy beauty because it makes them feel better about themselves. This is up four percentage points since November 2008 (51%). More women also indicated they were likely to go to spas and salons on a regular basis and to buy beauty products on impulse than previously reported.
Interestingly, fewer women are reporting that beauty products are at the top of the “cut list,” even in tough economic times. In April 2009, only 42% said they would cut back spending on beauty before other items, versus 45% in November 2008.
“It is very encouraging to see the overall positive shift among beauty shoppers. That tells us that, while we are not out of the woods yet, the greater proportion of beauty consumers are willing to explore spending again,” said Karen Grant, senior global industry analyst and vice president of beauty with the NPD Group. “Beauty being so directly tied to a woman feeling better about herself is a vital trigger that cannot be missed in the marketing of beauty products today,” said Grant.
In addition, 47% of black/African American (non-Hispanic) beauty shoppers are significantly less likely than white/Caucasian (56%) and Hispanic (56%) women to buy beauty products because they make me feel better about themselves.