With nearly 50% of US consumers willing to spend more on hair product that works for them, The NPD Group expects hair product sales to post double-digit revenue growth in the US through 2024.
According to the market research firm over 90% of U.S. consumers continue to show strong purchase interest for hair-related products and are even taking their routines to another level. This category is expected to continue along its positive sales trajectory through 2024, averaging 15% growth in the U.S. over the next two years.
Compared to the previous six months, more consumers plan to purchase more targeted hair-related products, including hair and scalp treatments, relaxers, chemical straighteners, hair gummies, and vitamins, according to the latest “Future of Hair” report from NPD.
The heightened demand for hair care, coupled with consumer allegiances to products with high efficacy, are factors contributing to the category’s continued success. Just over half of hair product consumers say that when they find something that works for them, they stick with it — and, in fact, found NPD, 49% are willing to pay more for it.
“Both functional and fun, the hair category is winning with consumers in more ways than one,” said Larissa Jensen, Beauty Industry Advisor at NPD. “Since the onset of the pandemic, consumers have taken more of their hair routines in-house, sought ways to treat themselves outside of the salon, and have grown more educated on hair conditions and product ingredients. We can expect the category to continue to show strength, as consumers strive to look more polished re-entering society, and product innovations continue to capture their interest.”