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.
Let the Side Hustles Begin
“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.
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