The beauty landscape in 2024 showcased an undeniable enthusiasm for lip products, particularly among younger consumers eager for new trends. Although this year’s anticipated mergers and acquisitions within the makeup sector faltered, the prestige cosmetics market thrived, revealing a growing preference for high-quality products over mass-market offerings.
According to Circana, the prestige makeup category experienced a robust growth of 5 percent year-to-date in both revenue and units sold in the first nine months of 2024. Within this realm, lip products stood out spectacularly, witnessing a significant 21 percent surge in sales. Larissa Jensen, Circana’s global beauty advisor, attributed this rise to the increasing popularity of tinted lip balms and oils.
Brands like Summer Fridays capitalized on this trend, introducing innovations such as tinted lip oils that not only promise hydration but also enhance lip color, reflecting the dual desires of effectiveness and aesthetics that today’s consumers seek. Meanwhile, entities such as Rhode, spearheaded by Haley Bieber, drew attention with unique marketing strategies. Their pop-up shop in lower Manhattan, which featured the coveted Sleepy Girl stick blush, demonstrated that the allure of well-branded products, such as a $38 silicone case that held a Peptide Lip Treatment for easy access, can drive remarkable sales.
This rising lip obsession points to a broader marketing phenomenon surrounding “Sephora tweens.” These younger consumers become increasingly pivotal in shaping trends, expressing a strong affection for premium brands like Charlotte Tilbury. Retailers and beauty conglomerates have recognized their importance, as teens gravitate towards the prestige lipstick category rather than the traditional drugstore staples.
Contrasting this upward trend in luxury brands, the mass makeup market faced challenges. Circana’s data highlights that mass cosmetics brands struggled substantially, with some enduring noticeable declines in sales despite aggressive marketing campaigns. High-profile advertisements such as E.l.f.’s Super Bowl commercial featuring Judge Judy and Ariana Grande’s playful parody of a Maybelline ad on “Saturday Night Live” failed to move the needle for prominent mass brands. It appears that consumers, regardless of their age, now seek products that offer more value and intrigue.
The beauty market has witnessed transformative changes recently, steering towards elegance and performance. Urban Decay, known for its iconic Naked eyeshadow palettes, is attempting a revival with a limited edition re-launch of the now-legendary product. Such moves highlight a trend where brands look to their heritage products while pivoting to meet contemporary demand.
In personal beauty narratives, brands like Anastasia Beverly Hills are feeling the pinch. Once celebrated as industry stalwarts, they now grapple with diminished sales and increased debts. The evolution of consumer preferences showcases a desire for inclusivity and reflection in product offerings, a sentiment echoed by influencers and consumers alike. The beauty community has increasingly encouraged dialogue around brand transparency, ingredient integrity, and personal representation.
Skincare shifts continue to resonate as influential voices emerge, stressing the importance of routines that combine instant gratification with long-term benefits. This is evident in the newfound attention on skincare brands that innovate to meet advanced consumer demands—prioritizing not just efficacy but also sustainable practices. The preference for products merging natural ingredients with proven results has become a hallmark of modern consumer choices.
As influencers voice their disdain for excessive promotional packages, beauty brands are now pressed to rethink how they engage with audiences. Influencer feedback has shifted the narrative towards more personalized and meaningful outreach, steering away from establishing brand lifecycles solely through extravagant gifting.
Men are increasingly participating in the beauty narrative, as well, with figures like Bach Buquen gaining traction for presenting makeup in a traditionally ‘masculine’ light. This change reflects a growing acceptance of gender-fluid beauty norms and invites brands to explore more inclusive and diverse representations in their marketing strategies.
Ultimately, the story of 2024 in the beauty sector highlights a departure from reliance on the mass-market allure of previous years. Instead, a focus on premiumization, innovation, and authenticity has emerged as critical themes. As the year draws to a close, only time will tell how brands will respond to the evolving landscape of beauty, particularly in lip products.
