From 2013 to 2023, household expenditure on personal care products and services in the US has shown a steady increase overall, except for a few dips. Specifically, there was a decrease in 2020, likely due to the impact of the COVID-19 pandemic. By 2023, this expenditure stood at $779. The year-on-year variations on average over the last two years were around 1.45% to 1.43%. The CAGR for the last five years remained modest at approximately 1.5%.
Looking into the future, the forecast data from 2024 to 2028 suggests a continued growth trend, although at a slightly lower CAGR of 1.09%. The total growth over this forecasted period translates to around 5.56% by 2028.
Future trends to watch for include potential shifts in consumer behavior post-pandemic, increased emphasis on sustainability in product choices, and technological advancements in personal care products. These factors could influence further variations in household expenditure on personal care products and services.
