Insight: Mid-Earnings Beauty Update: Resilient Demand Despite Mixed Backdrop

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Insight: Mid-Earnings Beauty Update: Resilient Demand Despite Mixed Backdrop

USA | Cosmetics, Household & Personal

Care EquityMayResearch14, 2026

Insight: Mid-Earnings Beauty Update: Resilient

Demand Despite Mixed Backdrop

Midway through Mar-Q earnings, beauty trends remain constructive despite

mixed prints and stock volatility, with management commentary reinforcing

resilient demand and relative strength in US specialty retail. Takeaways from

WWD’s Beauty CEO Summit highlighted continued consumer engagement

and structural growth adjacencies, including beauty-wellness convergence,

a positive read-through for Ulta, with supplements driving incremental

engagement and share.

Industry Update From Exec Summit: We attended WWD’s Beauty CEO Summit this week and

came away with increased confidence in the durability of demand across the beauty sector.

Executives pointed to stable consumer health and continued premiumization supported by

innovation and personalization, with beauty still viewed as a resilient, affordable indulgence amid

macro uncertainty. GLP-1 usage was cited as an emerging demand driver, particularly as it creates

new beauty needs and routines. Long-term, speakers highlighted structural growth opportunities

from the continued convergence of beauty and wellness, alongside increased emphasis on science-

backed claims and AI-enabled product development to enhance personalization and speed-to-

market.

Consumer Remains Resilient but Increasingly Choiceful: Despite a volatile macro backdrop, the

beauty consumer has remained relatively resilient but increasingly selective. COTY characterized

engagement as "amazingly resilient," noting shoppers continue to participate across a wide price

spectrum.