L'Oreal's second-quarter sales rose 6 per cent, boosted by surging demand for restorative haircare products aimed at customers suffering hair loss linked to weight-loss injections, known as fat jabs.
Boss Nicolas Hieronimus said customers suffering hair loss from fat jabs are seeking to boost volume and promote regrowth. L'Oreal's brands include Elvive, Garnier and Kerastase, and Hieronimus said Kerastase, which is sold through salons, is benefiting from what he called "ongoing premiumisation" as shoppers opt for more expensive solutions to bad-hair days.
The trend has been dubbed the lipstick effect, in which women treat themselves to small indulgences to get through tough economic times, helped by a wider trend for longer hair.
'More of a need than a luxury'
Aela Abalos, global brand director at Tresemme, which is part of Unilever, said haircare is seen as more of a need than a luxury.
Unilever, a FTSE 100 giant that is selling off Hellmann's mayonnaise and its other food brands to focus on high-margin beauty and wellness, saw 9 per cent growth in haircare sales in the first half of the year. Hair brands including Dove, Sunsilk and K18 recorded double-digit rises.
Premium products command higher prices
K18 now sells a FutureIQ Biomimetic Hair Longevity Serum, priced at £110, that addresses premature hair ageing. The premium haircare market is forecast to expand from £95billion a year to £185billion by 2034.
Cheaper options from Port Sunlight
Unilever is also betting on more affordable items. Abalos said scientists at Unilever's research and development operation in Port Sunlight, Cheshire, have entirely updated the Tresemme range.
This includes Thermo Sculpt Memory, a four-step collection aimed at the one in three women who use straightening tongs on their hair weekly. The serum, mask, shampoo and conditioner together cost £33.50, within what is described as the lipstick effect's sweet spot of £30 to £40.
That is still more than the £3.25 a large jar of Hellmann's costs. As the main character in the TV comedy Fleabag once put it, "Hair is everything."
