Everywhere you look, people are very cautious about their spending in a down economy. High gas & food prices coupled with global supply chain issues has led to one of the largest inflation rates in history. While people are hyper-focused on budgeting and saving, they are still spending money to enhance their looks and seeking to improve the quality of their skin. Surprisingly, there is an overwhelming demand for beauty and high quality skincare products.
What is even more shocking is the fact that skincare sales are on the RISE. Large companies are looking to capitalize and create a stake in the skincare space. In fact, the 2nd quarter of 2022 had record sales for major beauty/skincare brands including:
Ulta Beauty reported a 16.8% year over year increase in net sales to $2.3 billion
e.l.f. Beauty reported a 26% increase to $122.6 million
Ulta Beauty's CEO, Dave Kimbell, reported "seeing strong growth across all aspects of our business. Every category performed in double digits, saw strength across channels, stores and ecommerce services." What is most interesting about his statement is the fact that he mentioned growth in all segments of income levels which means the beauty and skincare space is thriving in a down economy.
If you have not considered Private Labeling your own skincare, this might change your mind. Your clients trust you to help improve the one thing everyone notices - THEIR FACE! They look to you as the expert and trust you know what is best for their skincare concerns. This is one of the many reasons why you should capitalize on the fact that the skincare space is growing profits. Providing your own brand to your already established patient base will enhance your practice, bring in more clients and provide a large revenue stream which is often overlooked.
70% of all aesthetic outcomes will be a result of the skincare regimens a patient uses day and night
Skincare patients want to be told which products they should use and when