Alvarez & Marsal’s Consumer and Retail Group has released its Spring 2026 Consumer Sentiment Survey. The findings are clear: Americans are spending less, but more thoughtfully. The beauty industry is no exception to this trend and is at the center of consumers’ spending decisions.
The survey was conducted in February 2026 among 2,100 U.S. consumers representative of the general population.
Key findings
High-income households (over $100,000 annually) are scaling back their purchases this spring. Their planned spending is down 7% and their savings are up 2%.
Conversely, lower-income households are showing signs of a slight recovery.
Beauty holds steady, but consumers are being more selective
Amid this climate of widespread caution, the beauty sector shows a net spending intention of -13% in spring 2026, an improvement from the -15% recorded in fall 2025.
30% of female consumers report spending less on cosmetics than before.
Hair care and skincare are the segments holding up best: they are perceived as necessary purchases.
Makeup and perfume, on the other hand, are subject to more trade-offs. 31% of respondents have reduced their makeup purchases, and 28% have simply not bought any perfume in the last six months.
Hair care and skincare are the segments holding up best: they are seen as essential purchases.
Makeup and perfume, on the other hand, are subject to more cost-cutting. 31% of respondents have cut back on makeup purchases, and 28% have simply not bought any perfume …
