Retailers are scrambling to keep up with the merging of beauty, health, and wellness spending. A new AlixPartners-CEW survey found nearly 100% of consumers now treat the three categories as a single spending decision, with one executive noting, “a consumer is just as likely to trade off a night cream for another night cream as a night cream for a personal trainer.” Now, brands are racing to catch up and cover all three categories in one place. Target launched a 600-store Beauty Studio, Ulta is piloting wellness boutiques, and P&G is acquiring supplement brand Thorne for $3.8B. However, there is a bit of a disconnect: 40% of consumers want beauty companies to expand into adjacent categories, while 42% of execs would rather stay in their lane. (CNBC)
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