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The beauty and cosmetics sector brought in $94.36 billion in consumer spending last year, claiming the title of the fastest-growing retail category in the US, per our The US Beauty Consumer report. With most consumers planning to boost their beauty budgets in 2024, the sector鈥檚 defiance against cautious spending habits is set to continue, driven by the enduring 鈥渓ipstick effect,鈥� the rise of dupes and Chinese-associated ecommerce giants, and more.

That was mainly why I asked that question because I was just curious if that was happening in other areas of luxury as well. Sara Lebow:. Blake, you'll have to let us know when you buy a luxury watch on TikTok Shop up.

The focus has shifted from NFT art and collectibles to blockchain-based applications with more practical functions, such as authentication for luxury goods and connecting to loyalty programs and membership perks. However, Porsche continued branding efforts around its luxury collectible NFTs, despite a very niche market consisting of Web3 enthusiasts who can afford to purchase expensive digital art.

So those then tend to be a bit harder to reach outside of the luxury items, but it is a great way to target a more educated and more well off populace, since they are spending a bit more time with the podcast medium and they're a bit more engaged when they're listening to these types of content.

Sky Canaves: Luxury is a big one. Luxury is struggling. Home furnishings, that industry is still going to take a while to come back. DIY home improvement is still being put off. So these types of categories, these big splurges. The appliances, maybe larger TVs, and things like that. Sarah Lebow: You mentioned people will spend the money they have.