Hair Product Sales Expected to Post Double-Digit Revenue Growth in the U.S. Through 2024, Says NPD
Nearly 50% of consumers are willing to spend more for a hair product that suits them
PORT WASHINGTON, NY, March 22, 2022 /PRNewswire-PRWeb/ — The high demand for hair products does not appear to be diminishing. In fact, over 90% of American consumers continue to show a strong interest in hair products and even take their routines to the next level. This category is expected to continue its positive sales trajectory through 2024, with an average growth of 15% in the United States over the next two years, according to The NDP group.
Compared to the previous six months, more consumers plan to buy more targeted hair products, including hair and scalp treatments, relaxers, chemical straighteners, gummies and vitamins, according to the latest “The future of hairNDP report.
Increased demand for hair care, coupled with consumer allegiance to high-efficiency products, 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 appeals to consumers in more ways than one,” said Larisa Jensen, Beauty Industry Advisor at NPD. “Since the start of the pandemic, consumers have taken more of their hair routines in-house, looked for ways to indulge outside of the salon, and have become more knowledgeable about hair conditions and product ingredients. We can expect the category to continue to show strength as consumers strive to look more refined as they reintegrate into society, and product innovations continue to capture their interest.”
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About the NPD Group
NPD is a global market intelligence company that offers data, industry expertise and prescriptive analytics to help our clients understand today’s retail landscape and prepare for the future. More than 2,000 companies worldwide rely on us to help them measure, predict and improve performance across all channels, including physical, e-commerce and B2B. We have services in 19 countries around the world, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, home appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, catering, footwear , home, home improvement, children’s products, multimedia entertainment, mobile, office supplies, retail. , sports, toys and video games. For more information, visit npd.com. Follow us on Twitter: @npdgroup.
MARISSA GUYDUY, The NPD Group, 5166252203, [email protected]
SOURCE The NDP Group