Social media platforms and influencer culture are elevating appearance-related spending into a distinct and fast-growing consumer category, and shopping centers with beauty and wellness tenants are capturing a significant share of that demand, according to a recent CBRE report.
CBRE describes this trend as the ‘vanity economy’ and defines it as a cluster of retailers and service providers focused on appearance and wellness, including beauty services, cosmetics and specialty fitness concepts. Influencer marketing, celebrity-branded beauty lines and rising consumer focus on health and self-care are all helping to draw more spending into this segment.
The report, citing CoStar data, notes that consumers spent about $132 billion on appearance-enhancing products in 2025, up from $86 billion in 2020. At the same time, appearance-related categories accounted for 37.5% of total leased space as of Q2 2026, underscoring how meaningful these tenants have become in the brick-and-mortar retail mix.
The CBRE analysis, incorporating data from McKinsey, places the global beauty market at approximately $450 billion in value, with expectations for annual growth of around 5% through 2030. Cosmetics play a major part in that trajectory: consumer spending on cosmetic products has risen 38% over the past five years to reach $25.4 billion.
Physical stores remain central to how consumers buy beauty products. The report notes that brick-and-mortar locations account for 74% of beauty sales, serving as the primary channel for both product discovery and routine replenishment. This reinforces the role of in-person retail as a complement to online channels, particularly in categories where testing, sampling and in-store consultation matter.
Services add a further layer to the vanity economy. Segments such as beauty salons, nail salons and barbershops are projected to grow by about 10% annually, based on data from Kentley Insights referenced in the CBRE report. These uses typically drive recurring visits, binding customers more closely to the shopping centers where they are located.
Fitness is another important component. Consumers spent $45.7 billion on fitness centers in 2025, and CBRE notes that these facilities can generate regular foot traffic that spills over to other tenants in the same centers. Together, beauty, wellness and fitness operators help shape a complementary retail ecosystem that increases shopper traffic and dwell time.
CBRE adds that beauty and boutique fitness concepts tend to cluster in trade areas with favorable demographics, so their presence can serve as an indicator of the underlying strength and potential of a retail market.
