Beauty and Wellness Industry Merges into Single Budget for Consumers

The beauty and wellness industry is experiencing a significant shift as consumers increasingly treat these categories as one budget rather than three.

According to data from mid-September 2026, shoppers are merging their spending on beauty, health, and wellness into a single wallet.

This convergence has major implications for retailers like Walmart (WMT) and Ulta Beauty (ULTA), who are competing for a share of this combined budget.

Walmart is moving beauty products to higher-traffic areas in its stores and relying on pharmacists and trained associates to guide customers. Meanwhile, Ulta has opened wellness boutiques stocked with supplements and skin and hair serums.