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Ulta lost beauty market share for the first time in 2024: The retailer is relying on a new marketplace, enhanced omnichannel experiences, and international expansion to recover sales.

Our take: Tariffs are expected to drive up prices, prompting consumers to adjust their shopping habits by cutting back on discretionary spending and trading down to lower-cost options. For example, 38% of beauty shoppers are buying fewer products, and 35% are opting for less expensive items, according to Tinuiti.

Consumers are reluctant to curb beauty spending: Many are turning to the category for solace amid uncertainty, or see it as an essential purchase.

In November, retailers made strategic moves across grocery, apparel, and beauty. Amazon turned Black Friday into a weeklong event and launched its Shein competitor, Haul. Meanwhile, e.l.f. Beauty strengthened its value proposition through a new Dollar General partnership, while Kroger announced plans for specialized Asian experience stores in North Texas. Here are our eight unofficial picks for the most interesting retailers in November.

Whether brands are aligning their product with comfort food, launching fragrances, or prioritizing scent in their retail spaces, marketers are embracing multisensory experiences as another way to stand out in the digital noise.

The news: TikTok tweens and teens who make popular 鈥淕et ready with me鈥� skincare routine videos may be harming their skin. The takeaway: Amid the closer social media scrutiny, skincare health brands should be clear about products that are not made for young skin. Social media teams need to be aware and proactive when interacting with tween and teen content creators.

The trend: Food manufacturers are pledging to remove artificial dyes from their products amid pressure from US Health Secretary Robert F. Kennedy Jr. and the Make America Healthy Again (MAHA) movement. Kraft Heinz said it would phase out artificial coloring in products sold in the US by 2027. General Mills quickly followed, announcing that it would eliminate artificial dyes across its full US portfolio by 2027, and remove them from all cereals and foods served in K-12 schools by next summer. Both Nestl茅 and Conagra are joining the party. Nestl茅 pledged to 鈥渇ully eliminate [food, drug, and cosmetic dye] colors in its US food and beverage portfolio by mid-2026,鈥� and Conagra will stop using such dyes in its frozen foods by year-end, and in all products by the end of 2027. Our take: For most companies, removing artificial dyes from their product lineups is a fairly easy lift, as many have already done so in Europe. It鈥檚 also increasingly a necessary move to prevent private labels from encroaching further on their turf, as more retailers launch 鈥渇ree from鈥� lines and pledge to remove ingredients like aspartame and high-fructose corn syrup from their store brands.

Despite political pressure, McDonald鈥檚 is standing by its commitment to inclusion. While it recently replaced 鈥淒EI鈥� language with 鈥渋nclusion,鈥� its initiatives remain intact, per Bloomberg. That contrasts with brands like Target, Nike, and JPMorgan Chase, which have scaled back DEI and climate efforts amid conservative backlash. McDonald鈥檚 cosmetic rebranding reflects a strategic calculation: investing in programs it views as beneficial for business and essential to long-term brand equity, especially with key demographics. If it avoids major backlash, McDonald鈥檚 could offer a model for other brands weighing how to uphold values while managing political and reputational risk.

Global gains power L鈥橭r茅al past expectations as US market cools: CEO Nicolas Hieronimus flagged slowing beauty demand and US retailer constraints but noted the brand is well positioned to handle tariff-driven disruptions.

Beauty demand is falling back to earth: While beauty spending has been incredibly resilient, consumers are gradually becoming more price-conscious in their buying habits.

Cosmetics and beauty make up a nearly $100 billion industry in the US, and next year more than one-fifth of those sales will come from ecommerce, according to our forecasts. In order to win over beauty shoppers, and Gen Z ones in particular, brands need to pay close attention to where their digital ad dollars go. Here are five charts to help you out.

In April, Walmart led the retail rankings thanks to its advanced grid-based delivery system and an elevated in-store beauty experience. Amazon followed closely with the testing of a new AI-powered 鈥淏uy For Me鈥� feature designed to simplify purchases. Meanwhile, Temu and Shein adjusted their pricing strategies due to rising import costs, risking their low-price appeal. Here are the eight most interesting retailers and brands from last month, as ranked on our 鈥淏ehind the Numbers鈥� podcast.

E.l.f. Beauty has built its brand on democratizing access to beauty products by maintaining affordability in an increasingly expensive market, as well as creating a company culture that values diversity and disruption. This prioritization of diversity stands out as other brands like Target and Walmart roll back diversity, equity, and inclusion initiatives.

K-beauty demand is soaring: South Korea outpaced France as the top source of US cosmetics imports in 2024.

Fewer than a third of US shoppers turn to department stores鈥� websites (31%) or brick-and-mortar locations (24%) when conducting beauty research, according to a May survey conducted by PowerReviews. In contrast, 71% turn to a specialty retailer鈥檚 website when researching new products.

The beauty industry is shifting its approach to aging consumers, moving beyond traditional anti-aging messaging to embrace more inclusive, health-focused approaches. "Ageism is the only 'ism' that every person can experience. Aging is a universal experience," said Jacynth Bassett, founder and CEO of Ageism Is Never In Style, on a recent "Behind the Numbers" podcast.

Est茅e Lauder scrutinizes portfolio as losses pile up: The beauty company may sell some brands as it expands its presence on Amazon to reignite growth.

On today鈥檚 podcast episode, we discuss how the beauty industry is venturing into untapped markets, how the conversation of ageism in beauty fits or diverges with the greater trend away from diversity and inclusion, and how brands market to older people while staying relevant with younger audiences. Listen to the conversation with our Senior Analyst Sara Lebow as she hosts Principal Analyst Sky Canaves, Analyst Arielle Feger, and CEO and Founder of Ageism Is Never In Style庐 Jacynth-Bassett.

Est茅e Lauder downplayed the impact of China鈥檚 gray market crackdown on sales, lawsuit alleges: The beauty company is accused of misleading investors about the severity of the headwinds it faced.