Haicare sales surged during the Covid-19 pandemic worldwide as professional hair salons were shuttered in leading markets and consumers had more time for DIY treatments.
The skinification boom of hair is set to continue, says The NPD Group. The data tracker predicts that haircare sales in the US, the world’s largest single beauty market, will surge by 14 per cent over the next 12 months and global revenues will double by 2024.
Major markets super-charging the international haircare market include the US, Germany, India and China. L’Oréal Professional Products division, for example, posted Q1 2022 sales of US$1.04 billion and Olaplex estimates its 2022 net sales will exceed US$800 million – up from US$598 million last year.
Older Gen Z consumers aged 18 to 24 have become a major force in the haircare market, says NPD. Their favourite products – apart from shampoo and conditioner – are hair spray, leave-in treatments, hair oils and serums.
In the US, more than 33 per cent of Gen Zers use hair masks regularly, by contrast to 18 per cent of overall hair product users. More than 50 per cent purchased a hair treatment in the past six months and 54 per cent plan to buy one over the next six months.
Younger US consumers have a similar profile to Australians of the same age and NPD fingers the following five prestige haircare brands they are most interested in buying:
- Olaplex
- Aveda
- Living Proof
- Devacurl
- Bumble & bumble
The top five more reasonably priced brands – with the exception of red hot contender Olaplex – are:
- Dove
- Aussie Hair
- L’Oréal Paris
- Olaplex
- Tresemmé
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