When it comes to prestige beauty, the U.S. is outpacing Europe in terms of growth, according to The NPD Group.
The market research firm released its annual report, which revealed that the U.S. prestige beauty industry posted a 7 percent gain in 2012, generating $10.2 billion, versus the 11 percent increase in 2011. However, due to the challenging economic climate, sales declined across many European countries, such as France, Italy and Spain. According to the report, most of the annual 2012 U.S. growth was driven by skin care, making up $3.4 billion. The second-highest gains were generated by makeup, with $3.8 billion in sales, then fragrance, at $2.9 billion. “In skin care, new subcategories are gaining importance as high-end innovation in devices, such as sonic cleaning in the U.S., make a mark and there continues to be advancements in antiaging, which is now offered with brightening and complexion solutions,” said Karen Grant, vice president and senior global industry analyst, The NPD Group.
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