Hair Product Sales Expected to Post Double-Digit Revenue Growth in the US through 2024, Says NPD
Nearly 50% of consumers are willing to spend more on hair product that works for them
PORT WASHINGTON, N.Y., March 22, 2022 /PRNewswire-PRWeb/ -- The elevated demand for hair products does not appear to be subsiding. In fact, over 90% of U.S. consumers continue to show strong purchase interest for hair-related products and are even taking their routines to another level. This category is expected to continue along its positive sales trajectory through 2024, averaging 15% growth in the U.S. over the next two years, according to The NPD Group.
Compared to the previous six months, more consumers plan to purchase more targeted hair-related products, including hair and scalp treatments, relaxers, chemical straighteners, hair gummies, and vitamins, according to the latest "Future of Hair" report from NPD.
The heightened demand for hair care, coupled with consumer allegiances to products with high efficacy, are factors contributing to the category's continued success. Just over half of hair product consumers say that when they find something that works for them, they stick with it — and, in fact, 49% are willing to pay more for it.
"Both functional and fun, the hair category is winning with consumers in more ways than one," said Larissa Jensen, beauty industry advisor at NPD. "Since the onset of the pandemic, consumers have taken more of their hair routines in-house, sought ways to treat themselves outside of the salon, and have grown more educated on hair conditions and product ingredients. We can expect the category to continue to show strength, as consumers strive to look more polished re-entering society, and product innovations continue to capture their interest."
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About The NPD Group
NPD is a global market information company offering data, industry expertise, and prescriptive analytics to help our clients understand today's retail landscape and prepare for the future. Over 2,000 companies worldwide rely on us to help them measure, predict, and improve performance across all channels, including brick-and-mortar, e-commerce, and B2B. We have services in 19 countries worldwide, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, foodservice, footwear, home, home improvement, juvenile products, media entertainment, mobile, office supplies, retail, sports, toys, and video games. For more information, visit npd.com. Follow us on Twitter: @npdgroup.
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SOURCE The NPD Group
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