【CBRE】The Vanity Economy: How Beauty & Specialty Fitness Are Influencing Retail Demand

• Consumer spending on cosmetics, beauty services and specialty fitness increased to $132 billion in 2025 from $86 billion in 2020, reflecting a structural shift in preferences toward appearance and wellness that is redefining retail occupier demand.
• Cosmetics has become a model of omnichannel success, with brick-and-mortar stores accounting for 74% of the category's sales and online shopping driving repurchases.
• Beauty services and boutique fitness tenants are largely insulated from cannibalization by e-commerce. As a result, they account for a growing share of retail leasing activity, with more than 700 boutique fitness openings totaling over 1.5 million sq. ft. planned in the near term.
• GLP-1 weight-loss treatments are an unexpected demand driver for medical aesthetics services and health-focused fitness concepts, positioning the vanity economy for continued growth well into the next decade.

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