After it was recently reported that 71% of Americans do not intend to cut down their spending on beauty, fitness, and wellness, a new study by Avon found that 92% of women around the world have been forced to give up non-essential items such as vacations and manicures due to the global inflation crisis, with self-care items such as shaving products seeing an 8% increase in price since the pandemic began. With non-essential offerings including fragrance seeing a 12% price rise, it is no surprise that consumers are cutting back on their spending. Here are the main findings of the study conducted among women across seven countries and three continents.

Luxury Expectation

• There is a common misconception that products with a higher price are of better quality than their cheaper counterparts.
• 69% of women believe that more expensive makeup products are of better quality.
• 71% believe more expensive perfume products are of better quality.
• 71% believe that more expensive skincare products are of better quality.
• 59% globally have switched or would consider changing their makeup, skincare, and fragrance to cheaper alternatives.
• 92% have been forced to give up non-essential items such as vacations, eating out, manicures, and new clothes.
• 38% have given up their favorite branded products in favor of cheaper alternatives. 
• A quarter (25%) globally have given up perfume, and one in five women have chosen to go without makeup (22%) and skincare (19%) products.

 Financial Worries

• 57% feel anxious about their financial future.
• 35% feel out of control regarding their finances.
• 34% feel guilty that they cannot provide enough for their families.

Let the Side Hustles Begin

• 80% have considered taking up a side hustle to help with the cost-of-living crisis.
• 54% are already doing so to help pay their bills, but 36% want to do so to be able to afford little luxuries.
• 21% want to be able to purchase their favorite beauty products.

“Around the world, women and their families are feeling the pressure of the increasing cost of living. With 98% of women globally affected, we must support each other where we can. At Avon, we have a long history of doing beauty differently, creating top-quality makeup, skincare, and fragrance products without the luxury price tag—while offering women the chance to transform their lives for the better by earning and learning on their terms. With many women around the world looking for ways to save money and start a side hustle, I’m proud to be part of a brand that uplifts women and helps them start up as entrepreneurs,” says Angela Cretu, Avon CEO.

It is disheartening and difficult for consumers to sacrifice products that often lift them up and make their lives a little bit easier. With no indication of the economy stabilizing in the near future, consumers will have to continue to seek alternatives or find ways of making extra money to attain their desired product offerings.