Shrinkflation: The Truth Behind Rising Beauty Product Prices
Analysing 45 products from 2014 to 2024
Over the past decade, beauty product prices have seemed to soar. Some brands, like Milk Makeup, have navigated this trend by maintaining their price points while reducing the amount of product in each unit—this phenomenon is known as "shrinkflation."
To understand the pricing trends across the industry, I examined 45 products from Sephora and Ulta, collecting data on their prices and weights from 2014. I then compared their actual prices in 2024 to the expected inflation-adjusted prices based on 2014 rates. I found the complete opposite of what I expected.
Most products were actually priced below their expected prices for 2024. This unexpected result raised a new question: if beauty products are increasing at a slower rate than inflation, how can brands minimise the consumer outrage?
