Spending a fortune on a multi-hundred-dollar hair dryer might not seem the most obvious move to combat the recession, but shoppers were delighted with the Shark Flexstyle and Dyson Airwrap stylers last weekend. I bought it at Both products, priced at $300 and $600 respectively, were named best sellers from Black Friday to Cyber Monday by Amazon and Adobe.
Shoppers keep their wallets tight, but buying expensive hair devices and home salon products is proving to be a popular option akin to the ‘lipstick effect’. Treat yourself to a little luxury.
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But these days, this widely accepted business adage varies by market. Major cosmetic companies such as L’oreal, Beiersdorf and his Estee Lauder, who coined the phrase in 2000, report lower-than-expected sales.
Hair care seems to be an exception among beauty spending. Many learned how to style their hair when salons closed during the pandemic. Able to continue, buying expensive salon-level products to recreate the experience at home is much cheaper for their wallets. While you may still need to go for some services such as balayage and cuts, doing route touch-ups and blowouts at home can help reduce the number of times you see a professional.
“Since the pandemic began, consumers have done more hair routines in-house, sought ways to treat themselves outside the salon, and received more education about hair conditions and product ingredients. ‘ said beauty industry adviser Larissa Jensen. At the research company NPD Group.
Brands like Dyson and Shark Seize the Opportunity
Last month, Dyson doubled down on its beauty strategy. The British company said he will invest £500 million in the sector and that he will launch 20 new beauty products over the next four years. Just six years ago, the company was primarily known for its vacuum cleaners.
Competitor NinjaShark, which primarily sold cleaning products, is also trying to expand. The company launched his FlexStyle in August, which is basically a Dyson Airwrap “cheating.”
The weakening of the salon sector is something that hair care brand Olaplex has also grappled with. Depends and the stylist uses the product on the customer sitting on the chair. However, there was a significant drop in professional sales in the third quarter. That channel fell 16% from the same period last year, in contrast to retail, which increased 60%.
“We believe macroeconomic concerns are impacting the stylist community,” Olaplex CFO Eric Tiziani said on the brand’s earnings call last month. The company said the affiliate he is looking to make professional money with the program. This allows the stylist to earn commissions by directing customers to his olaplex.com, even if the stylist is not purchasing products from the brand to stock the salon.
“Skinification” of hair care
Whether it’s devices or lotions, prestige hair care is a category on the rise. Where once it was common to buy shampoo and conditioner for under $5, the market is now dominated by hair serums, masks and glosses costing five to eight times more. This is a trend referred to in the industry as “skinning” of hair.
Brands have expanded their hair care to encompass many steps similar to their skin care regime, while also addressing more specific concerns. I plan to buy more targeted hair products like treatments, relaxers, chemical straighteners, hair gummies, vitamins, and more. This category is expected to continue growing at an average rate of 15% through 2024.
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