Walmart, Ulta And Others Adapt To Blurred Beauty, Health And Wellness Spending

According to CNBC, retailers including Walmart, Ulta Beauty and Target are adjusting to a consumer shift that has merged beauty, health and wellness into one spending category, intensifying competition for wallet share. A new AlixPartners study found nearly 100% of surveyed consumers view the category as a single budget item, while 40% want traditional beauty companies to broaden their product offerings and 42% of executives want their companies to stay focused on their core lanes. The article said Procter & Gamble agreed last month to acquire supplements brand Thorne for $3.8 billion, while Gucci partnered with Oura in 2022 on a specially designed ring. Ulta has launched in-store wellness boutiques, Target rolled out the Target Beauty Studio on Sept. 10 after ending its shop-in-shop partnership with Ulta in August, and Sephora has added a dedicated wellness and skincare section on its website. Walmart said it is remodeling many stores, placing beauty products in high-traffic areas and using store associates and pharmacists to help customers navigate the category. The company said shoppers are increasingly taking a more holistic approach to health, wellness and beauty, and that its mini and single-serve products have performed well as consumers test products before buying larger sizes.