Consumers remain stressed by lofty interest rates, the cost of living and a contentious presidential campaign, but sentiment has inched upward. Still, value is a top priority, and recent retail earnings reflect a penchant for bargain hunting. Off-price players TJX, Burlington and Ross reported strong second-quarter results, while Ulta Beauty lost prestige market share as it faced cautious consumers.

It’s not all doom and gloom. According to an August survey conducted by global management consulting firm McKinsey & Co, consumers reported a higher willingness to splurge across both essential and semi-discretionary categories heading into the holiday season. Interest in spending on skincare and makeup as well as toys, vehicles, non-alcoholic beverages and baby supplies increased the most between the second and third quarters of the year.

As retail readies for the busiest season of the year, for the latest edition of our ongoing series posing questions relevant to indie beauty, we asked six analysts and consultants the following questions: What’s the outlook for the 2024 holiday shopping season? How would you advise beauty brands to prepare for it?