2025-05-19-Jefferies-零售更新Circana数据显示第一季度高端美容产品销售持平_大众美容产品增长3_6页_164kb

Summary of U.S. Beauty Market Q1 2025

Market Overview

Circana data shows U.S. beauty sales remained flat year-over-year in Q1 2025, with prestige beauty sales steady at $7.5 billion and mass beauty growing +3%. Growth in mass was driven by pricing, but unit sales declined 1%. Prestige faced initial pressure from harsh weather in January but showed improvement in February and all categories were positive in March.

Key Category Performance

• Prestige Fragrance: +4% growth, led by travel sizes and higher concentration scents.
• Prestige Makeup: -1% decline, primarily due to softness in face and eye segments; stick formats (foundation and eye shadow) outperformed.
• Prestige Skincare: -3% decline, as consumers shifted to lower-priced products like body and sun care; facial skincare products were particularly weak.
• Prestige Hair: +4% growth, driven by salon brands and styling products, such as heat protection.
• Mass segments: While not the focus, mass beauty's +3% growth was attributed to pricing strategies.

Consumer and Economic Factors

Higher-income prestige consumers increased spending, but consumer surveys highlight concerns about recession, price increases, and tariffs. Mass beauty benefited from reduced discretionary trips, such as those to drug stores.

Analyst Notes

This report is from Jefferies Equity Research, authored by Ashley Helgans, Sydney Wagner, Blake Anderson, and Bryan Pinedo, with certifications and disclosures. The investment recommendations include ratings like Buy, Hold, and Underperform, based on financial projections and market analysis.