Many major retailers slashed their financial outlooks for the year after seeing shoppers pull back on many discretionary items in the latest quarter. But among the notable exceptions: beauty.
By HALELUYA HADERO and ANNE D’INNOCENZIO
Target, Kohl’s, Macy’s and Nordstrom all highlighted strong sales of beauty items in their fiscal second-quarter earnings reports issued over the past few weeks. Walmart, the nation’s largest retailer, said that it’s seeing increased momentum in its beauty business, citing strong sales in cosmetics as well as skin and hair businesses.
The reasoning goes: When consumer sentiment declines, Americans seek escapism by looking for small ways to indulge themselves, such as by purchasing a new lipstick instead of pricier alternatives they can no longer afford. For others, their version of lipstick might be cheap beer or a $5 Caramel Macchiato from Starbucks, which reported record revenue in August for its fiscal third quarter.
At Macy’s, CEO Jeff Gennette noted in an earnings call late last month that consumers have focused on deals and cut back on purchases amid high inflation. Still, they managed to buy beauty products as well as travel-related items like luggage, shoes and clothes to wear to the office, Gennette said. The Sephora sales reflect broader findings released in July by NPD Group, which showed among 14 discretionary industries tracked by the group this year, beauty was the only category that saw a rise in sales. However, the persistence of beauty at more prestige markets — such as Macy’s, Sephora and Nordstrom — is primarily being driven by high-income earners, or those with an annual salary of $100,000 or more, according to Larissa Jensen, NPD’s beauty industry adviser.
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