Sales of prestige beauty products declined 6% in 2009, market research firm says
The prestige beauty industry, which includes fragrance, skin-care and makeup products, saw sales decline last year as consumers cut back on spending, according to market research firm NPD Group.
The firm said sales totaled $8.19 billion, a 6% decrease from 2008.
Fragrance sales fell 10% to $2.48 billion, skin-care sales dropped 4% to $2.47 billion and makeup sales decreased 5% to $3.16 billion.
"Now in 2010, the reality is that business will still be challenging," said Karen Grant, vice president and global industry analyst at NPD Group.
Still, Grant said as many as 3 in 5 women said they were buying beauty products in this economic environment because they helped boost confidence.
"As our consumers increasingly seek the best product for the price or the best price for the product, we must continue to stay focused on what will increase our relevance to them," she said.
-- Andrea Chang