U.S. prestige beauty industry sales 2010-2023

Dollar sales of the prestige beauty industry in the United States fluctuated between 2010 and 2023 but experienced an increase overall. In fact, this figure went from slightly over 8.5 billion U.S. dollars in 2010 to a peak of nearly 32 billion U.S. dollars 13 years later.  

The U.S. prestige beauty market

According to Statista forecasts, revenues for the prestige beauty market in the United States will steadily grow, amounting to about 14 billion U.S. dollars by 2029. Prestige cosmetics and prestige fragrances were predicted to remain the most valuable segments, with skincare ranking third. In the first half of 2024, sales of prestige skincare products increased by around seven percent, while fragrances recorded the largest growth. 

Consumers and prestige/luxury beauty

The results of a 2024 survey conducted among affluent U.S. shoppers showed that about 32 percent of respondents spend between 326 U.S. dollars and 650 U.S. dollars on luxury cosmetics over a period of three months. For many beauty shoppers, prestige/luxury products are a “must”, and they would be willing to spend more on such products if needed. This trend is very common especially among millennials and Gen Z.