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Consumers are finding value in premium priced fragrance, according to The NPD Group Inc.
"The value of premium priced beauty products to a consumer can range from the quality of the ingredients and product performance, to something as simple as cost benefits that come with a larger format," said Karen Grant, vice president and senior global industry analyst at The NPD Group Inc. "Whatever the motivation, consumers continue to be more willing to invest in their beauty products."
In a recent report, NPD said sales of premium priced prestige beauty products in the United States reached $2.2 billion in the 12 months ending November 2013, a 23% increase versus the same time period last year.
Fragrance is the category with the highest average selling price, largest price increase, and most significant increase in unit sales of premium priced products, according to NPD. Fragrance juices, face makeup, and sun-related skincare are the segments with the highest increases in average selling price between December 2012 and November 2013.