When over-the-counter medications and pain relievers sell more than eye shadows and face creams, why should convenience store owners and operators incorporate makeup, skin care, and nail polish into the mix? limited space allocated to health and beauty products (HBA)?
While every business must make this decision, an overview of industry research can provide a compelling case for investing in makeup.
- On average, including during the pandemic, women spend over $ 300 per month on beauty products, which is over $ 3,600 per year.
- According to CNBC, 56% of men use some form of makeup.
- Almost half of millennials say they regularly apply skincare formulas that contain CBD.
- Industry analysts predict the men’s personal care sector to reach $ 166 billion this year.
- By 2024, more than 153 million Americans are expected to purchase shaving gel or cream.
- As travel resumed in 2021, the demand for travel-sized items such as cosmetics, lotions and facial cleansers increased in response.
These types of statistics paint a pretty picture of the beauty industry in the United States. That said, she has been undergoing a makeover for a few years. Traditionally, the vast majority of skin care and makeup products were sold in big box stores or drugstores, and then specialty stores appeared in malls. Then the pandemic caused people to reconsider their buying habits, and cosmetics sales moved online, benefiting retailers that already had a significant online presence, like Ulta and Sephora. Still, there is room for convenience stores to carve out a presence, but it may force category managers to update the way they promote this product group.
The most effective form of marketing for makeup and beauty items today is social media. Cosmetics is one of those industries that greatly benefits from influencers who feature and recommend products with a constant supply of images, as well as how-to videos. Statista reports that 96% of beauty brands maintain an Instagram account. The Drum also reveals that nearly three-quarters of shoppers check Instagram before making a buying decision.
Convenience stores are not expected to create the same level of activity on social media platforms as major manufacturers, but the occasional highlighting of makeup items on company posts or via loyalty program push messages could increase customer awareness of this HBA segment.
Diversifying stocks can also make the makeup section more attractive. As previously stated, all genders spend more money on skincare and makeup, so include products and brands that meet male looks to unleash this demographic potential. In addition, there is an interest in organic or natural products as well as cosmetics made by black-owned businesses.
However, the best reason to incorporate makeup into your HBA category is probably no more complex than a simple, old-fashioned customer service. Stocking shelves with at least a few basics, such as mascara, makeup remover, lipsticks, nail polish remover, for example, will serve those who need a quick touch-up. More importantly, not offering this selection could send individuals – and all of their purchases of additional basket items – to other retailers.