The price of the two most popular skin care brands in the US is rising faster than any other major sector of the economy, according to data from Euromonitor International.
The US retail industry recorded an annualized growth rate of 5.4% in the first quarter of 2017, compared with an annual growth rate that was 2.8% for the year-earlier period, the report showed.
The average retail price of skin care at drugstores rose 7.7% in that time period, to $2.28, while that of skincare rose 1.5% to $1.86.
The price of skintone rose 8.3% in 2017, to a total of $7.49, the company said.
Euromonitor’s report, which covers the first three quarters of 2018, shows the biggest gains in the face and body products category.
The cost of skin products rose 18.6% in 2018 to $3.98, while the cost of skin products rose 5.6%, to $0.84.
Skin care sales are forecast to grow 7.3%, which is up from 6.4%, but are expected to decline over the next three years.
The increase in the cost may be partly due to the growth of drugstore skincares, the data showed.
In the first nine months of 2018 alone, there were 1,924 sales at drugstore drugstores in the United States, up from 1,854 in the same period last year, the study showed.