Luxury Beauty Brands Cater to High-End Consumers with Premium Products
Companies are targeting wealthier shoppers by adding more premium items like designer body creams and services, even as inflation and a volatile economic environment persist. Retailers and consumer product companies are focusing on premium items amid an overall sales slowdown, with some companies unleashing a bevy of premium items in an attempt to grab consumers with more money to spare. However, this could leave fewer options for consumers with less money to spare. The gap between the haves and have nots has only gotten wider during the pandemic, with households with annual income of more than $156,000 accounting for around 38.3% of all retail spending last year, up from 37.5% in 2021.