Popular beauty technology company files Chapter 11 bankruptcy
The beauty giant expects a quick bankruptcy proceeding and exit to a stronger financial position.
Inflation has been forcing consumers to make hard choices.
With 25% of American households living paycheck to paycheck in 2024, per Bank of America data, consumers are cutting back on discretionary spending to make room for essentials like shelter, food and transportation.
Although many people prioritize beauty and aesthetic treatments and products, spending there has fallen sharply. Morning Consult found that the share of shoppers buying four or more beauty and personal-care items per month fell across 2024. Its data also showed that consumers were leaning more toward budget beauty brands.
