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1、ConsumerEState of theGlobal ConsumerPrepared ByStacie RabinowitzVP of Client Solutions2025 OUTLOOK1302Table of ContentsReturn to RootsMeet in the MiddleBrand MattersBeauty vs.Total Consumer SpendLargest Geographic StrengthSpend Growth DriversStrongest AccelerationOnline SpendRegional DifferencesA Lo

2、ok AheadKey Themes04010404Global Spend Growth05020709Global Subindustry Trends110317Conclusion2304Demographics19Welcome to the State of the Global Beauty Consumer.Inthis biannual report,Consumer Edge will be highlightingthe top trends in Beauty spending across the globe,looking ahead to which compan

3、y strategies are likely to bemost successful in the months ahead.In this winter report,explore valuable actionable insightsinto what might be in store for beauty stores across theglobe in 2025.IntroductionThe report is based on our CE Transact Global dataset,whichcaptures payment account spend in th

4、e US,UK,Germany,France,Italy,Spain,and Austria.For the beauty industry,thismeans that the data is reflective of direct-to-consumer(DTC)spend and purchases directly from beauty brands or beautyspecialty retail,but does not incorporate wholesale sales ofbeauty brands at multi-category retailers.03Key

5、ThemesLooking ahead at 2025,three themes stand out as expected tohave the most impact on Beauty success in coming months:3BRAND MATTERS204MEET IN THE MIDDLE1RETURN TO ROOTSIn many ways,Beauty industry spending is returning to its roots.In2025,Beauty companies may find that tried and true strategies

6、leadto success more often than jumping on the bandwagon of new fads.A willingness to overspend on luxury may have run its course,andthe premiumization of mass beauty may be enough to satisfy thelower-priced needs of most shoppers.Brands do still matter at all price points,and consumers areshifting t

7、o buying their favorite brands directly and more often.In this report,the beauty industry is comprised of 3 subindustries:Beauty Product BrandsDTC online and brick&mortar retail beautybrands and manufacturers(ex:Fenty Beauty,E.L.F.Cosmetics)Beauty RetailDTC online and brick&mortar retailers selling

8、awide variety of brands fromvarious manufacturers(ex:Sephora,Ulta)Beauty ServicesBeauty-relatedservices businesss(ex:Regis Salons,XpresSpa)In 2024,Beauty spend growth underperformed broader totalconsumer spend growth(Chart 1).Among the subindustries in theoverall Beauty Industry,Beauty Products show

9、ed the most negativegrowth,but also the most drastic acceleration heading into Q4.This could mean a promising trajectory for the Beauty Industryinto 2025.Indeed,the Beauty Industry saw higher spend growthacceleration in the second half of 2024 than Total Spend,anotherpositive bellwether.Beauty vs.To

10、tal Consumer Spend Global Spend Growth05Chart 1Global Spend Growth YoY2025 PlaybookAs beauty becomes a more importantcomponent of consumer spending,beauty companies need to be poisedto invest in inventory and marketing topropel their brands forward.Reinvigorated industry growth couldlift all boats,a

11、llowing companies topursue strategies that have historicallybeen successful rather than needingto find new tricks to steal share in adeclining market.Theme:Return to RootsTheme:Brand MattersAccelerating spend growth driven byshoppers buying beauty brands directlyfrom the manufacturers emphasizescons

12、umer loyalty to their favorite brands inthe beauty space.06Largest Geographic Strength07Spend on Beauty slumped during the pandemic as shoppersstayed home and didnt need to dress up to go out(Chart 2).Although there was a resurgence due to pent-up demand forentertainment in 2021,2022,and the beginni

13、ng of 2023,spendgrowth has decelerated across all seven tracked countries since then.The end of 2024 showed signs of a turnaround(Chart 2)withAustria,France,and the UK seeing spend growth accelerate by5%or more.This trend is especially optimistic for the UK,where spend growthwas negative as recently

14、 as Q2.Chart 2Beauty vs.Total Spend Growth YoYChart 3Average Ticket Growth by Country YoY08Italy showed the largest growth deceleration in Q4(Chart 2),especially disappointing after an extremely positive start to the year.Spend Growth DriversItalys spend growth in the beginning of 2024 came after a

15、sharpdecline in average ticket growth at the end of 2023(Chart 3).Similarly,France,which saw spend growth decelerationthroughout 2024,was one of the top growth markets by the endof the year.Indeed,the deceleration in y/y ticket growth is consistent evenacross major global beauty retailers like Bath&

16、Body Works,Sephora,and Sally Beauty Supply(Chart 4).09Chart 4Top Beauty Retailers Average Ticket Growth YoY10Spend growth isnt being driven bypremium pricing.Rather,a decliningaverage ticket in high-growth areas isshowing the importance of making beautyaccessible across income levels.Theme:Meet in t

17、he Middle2025 PlaybookThere are opportunities for beautycompanies to think hard about theirregional strategies,and especially tolook at localizing pricing models(orproduct mix models)based on whateach region is buying most.Adding more support to signs of a Beauty revitalization in 2025,theaccelerati

18、on in Q4 growth in beauty product brands was strong at3-6%across all three regions tracked(Chart 5),and spend growthacceleration was positive across all regions in beauty retail.Global Subindustry Trends11Chart 5Subindustry Acceleration by RegionThe UK showed strong acceleration of 6%in beauty brand

19、s,4%in beauty retail,and an impressive 8%in beauty services.Strongest Acceleration2025 PlaybookChart 6Subindustry Growth by Region12In the EU,Beauty Services is seeing significant weakness,with adouble-digit y/y spend decline in Q4(Chart 6)that was a sharpdeceleration from Q3(Chart 5).Theme:Return t

20、o RootsBuying directly from brands has a longhistory in the Beauty Industry.In fact,Avon pioneered direct-to-consumerbeauty sales as far back as 1886.Online SpendThe experiential nature of beauty continues to reinforce offlineshopping,with a smaller percentage of beauty spend online inboth the US an

21、d UK every quarter of 2024 vs.2023(Chart 7).2025 PlaybookBeauty companies may want torefocus some of theirinvestments more into directchannels and less intosupporting retailer distribution.13Chart 7Online Beauty Spend by CountryHowever,a curious aspect of this trend is that within each of thebeauty

22、subindustries,the online share has been relatively stabley/y(Charts 8 and 9).This implies that the increase in offlinespend is coming with a mix shift away from the heavily onlinebeauty product brands subindustry.If that subindustrys recovery continues,it will be interesting tosee whether shoppers w

23、ill follow with spend shifts to e-commerce or if the increasing demand will lead to more offlinelocations for beauty brands.14Chart 8Beauty Subindustries%of Online Spend-US2025 PlaybookChart 9Beauty Subindustries%of Online Spend-UK15Sephora31%In the US,offline importance is reinforced by the fact th

24、at the%spend online for major beauty brands is even lower thansubindustry average,with subindustry numbers being pulled upby online-only brands like IPSY.In the UK,online spend issomewhat higher for top retailers vs.the regional average.Bath&Body Works24%Ulta19%Sally Beauty Supply1%Sally Beauty Supp

25、ly30%Superdrug12%Bath&Body Works11%Beauty Base6%Retailers Online Spend UKRetailers Online Spend US2025 PlaybookBeauty Products companies shouldconsider their retail portfolio andexperiment with investments inface-to-face interactions with theircustomers.16Offline selling directly face-to-face isold

26、hat in the Beauty Industry,andallows many companies to draw onwell-established strengths.Theme:Return to RootsRegional DifferencesGeographically,the US saw the largest y/y declines in beauty industry spend for 4Q2024 in the Midwest,with spend in the South down only slightly andspend on the coasts de

27、clining in between.Chart 10US Spend Growth Change by Region-2.2%GrowthWest-3.5%GrowthMidwest-2.2%GrowthNortheast-1.1%GrowthSouth17In the UK,beauty spend growth was strongest in Wales and theNorthwest regions of England.Chart 11UK Spend Growth Change by Region4.0%GrowthScotland-2.6%GrowthIsle of Man1

28、.7%GrowthNorthern Ireland5.5%GrowthNorth West5.6%GrowthWest Midlands7.0%GrowthWales3.1%GrowthSouth West-26.4%GrowthChannel Islands2.7%GrowthSouth East2.8%GrowthLondon4.3%GrowthEast England3.8%GrowthEast Midlands3.4%GrowthYorkshire andthe Humber7.3%GrowthNorth East18DemographicsIn 2024Q4,US y/y beaut

29、y spend growth was most negative inboth the highest and lowest income groups,with those making$40,000-$80,000 per year showing the smallest y/y spenddeclines(Chart 12).Chart 12Spend Growth by Income1918-24 year olds were the only group with positive y/y spend growth inthe US(Chart 13).35-44 year old

30、s showed relative strength acrossboth sides of the pond with flat y/y beauty spend growth in the US(Chart 13)and the highest beauty spend growth in the UK(Chart 14).20Chart 13Spend Growth by Age Group-USChart 14Spend Growth by Age Group-UKTheme:Return to RootsThe deceleration in spend growthamong ma

31、les in the UK refocusesgrowth more squarely on the moretraditional female market.2025 PlaybookStick to the core consumer middleage,middle income females controlan enormous amount of spendingpower and are positioned to be amajor driver of Beauty sales in 2025.21Several brands in both geographies are

32、well-positioned to appeal to35-44 year olds,with this group spending substantially more than theaverage panelist.Direct selling brand Younique is especially interesting here,as 35-44year old shoppers in both the US and UK spend twice as much at thisbrand as the average consumer.For 2024Q4,women in t

33、he UK continued to spend more than meny/y,and the spend growth gap between the genders widenedsignificantly as spend growth among men decelerated sharply(Chart 15).22Theme:Meet in the MiddlePositive signs among middle incomeshoppers in the US emphasizes theneed for more accessible pricing.Chart 15Sp

34、end Growth by Gender20Chart 16Times More Spend Than Overall Panel Chart 17Times More Spend Than Overall Panel 35-44 Year Olds,2H24-UK35-44 Year Olds,2H24-USThe beauty industry moves fastwaiting months to react meansfalling behind.With Consumer Edges transaction data,you canspot emerging trends in ne

35、ar real-time,staying ahead of shiftsbefore they become old news.Our insights,available with lessthan a weeks lag,empower you to make proactive,data-drivendecisions.Contact our sales team to ask about a trial.Conclusion23Contact UsConsumerEMedia Inquiriesprconsumer-AuthorStacie RabinowitzsrabinsightsEmpowering Global Markets withUnrivaled Consumer Intelligence