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Beauty Stores

Beauty Stores

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Executive summary

The Beauty, Cosmetics and Fragrance Stores industry comprises operators that retail cosmetics, perfumes and personal grooming products to individuals. Consumers have opted to purchase products from beauty retailers such as Sephora and Ulta Beauty Inc. (Ulta) due to their product expertise and loyalty programs. Industry revenue has increased an annualized 1.2% to $29.3 billion over the five years to 2022 due to increased online shopping. The emergence of the COVID-19 (coronavirus) pandemic in 2020 led industry revenue to decrease 17.8% that year alone as consumers reduced spending and brick-and-mortar foot traffic declined. Despite this, many of the negative effects associated with the pandemic are expected to subside and thus, industry revenue expanded 17.8% in 2021 alone. Industry revenue is expected to decrease 2.9% in 2022 alone due to the growing threat of e-commerce.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers and executives within the industry.

Colloquial Terminology

BRICK-AND-MORTAR
A store that has a physical location, as opposed to an online retailer.

COSMETIC
A powder, lotion, lipstick or other preparation for beautifying the face, skin, hair or nails.

E-TAILER
A retailer that primarily sells goods and services via the internet. Many of these companies do not have brick-and-mortar locations.

NUTRI-COSMETIC
A nutritional supplement that supports the function and appearance of the skin.

ORGANIC
A cosmetic made from mineral and plant ingredients rather than derived chemical compounds.

Details

As companies expand to meet growing demand, the number of industry establishments has increased during the period. Larger chains are continuing to replace the smaller stores that once dominated this industry. A growing economy prior to 2020 enabled consumers to leverage greater disposable incomes to buy high-end products, resulting in a healthy profit for operators. Consequently, the average industry profit margin, measured as earnings before interest and taxes, is anticipated to comprise 10.4% of revenue in 2022, far above the average of the overall retail sector. This trend is expected to continue as manufacturers increase research and development expenditures and reformulate staple products that sell at higher price points.

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