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According to our forecast, US personal luxury retail sales will hit $116.56 billion this year, a 6.7% increase from last year, outpacing the 3.3% growth the total retail sales category will experience in 2023. 3. But that may change if inflation persists.

Last week, the Commerce Department reported that the personal consumption expenditures price index—the Federal Reserve’s preferred measure for inflation—rose 5.4% year over year in January. More like this:. Yellen says ‘so far, so good’ in US inflation battle. In 2023, total retail sales growth worldwide will muddle through at just under 4%.

As many as 25 celebrities and influencers have launched beauty brands over the course of the last three years, according to Business Insider. While some (like Rare Beauty by Selena Gomez) have exploded, others (particularly those founded by social media influencers) are having a hard time finding their footing. What does it take to build a successful celebrity beauty brand?

Gen Z will represent 20% of the US population in 2023, and nearly 40 million of these Gen Zers are adults. This is the data you need to understand how to reach them—and tap their growing buying power.

Neutrogena debuts product line on TikTok Shop in a bid to woo Gen Z skincare obsessives: The brand hopes to regain market share in the dermatological space after ceding ground to L’Oréal’s CeraVe and La Roche Posay.

Some 22% of beauty retail sales worldwide will take place online this year, the most of any sales channel, per McKinsey. Physical specialty stores, such as Sephora and Ulta Beauty, will come in a close second (20%), while department stores will rank last (8%).