Estée Lauder puts consumer first in the face of Brexit

By Lucy Whitehouse contact

- Last updated on GMT

Estée Lauder puts consumer first in the face of Brexit

Related tags: United kingdom

Beauty giant Estée Lauder has been vocal about its intention to put the consumer first in the face of UK price increases resulting from the falling pound.

The US-based beauty company has been picked out as enjoying benefits of the EU referendum decision, with tourist spending rising in London to take advantage of favourable exchange rates.

The head of the company in the UK has come forward to assert that eventually the company will have to look at price increases, but will be considerate in how they approach this move.

Speaking recently to the Cardiff Business Club in Wales, Chris Good said: “The intention is not to pass [price increases] on to the consumer. The consumer is first and we will always price to the market.”

Premium winning out

The assertion from Estée Lauder comes as market research points to premium beauty being one of the main winners so far following the Brexit vote.

Indeed, according to an NPD Group report released this week,​ sales of prestige beauty products grew twice as fast (up to 6%) in the three months following the UK referendum when compared to the six months prior to it (when growth was at 3%).

The greatest growth post-Brexit has been in the sale of niche fragrances (£125+) and super premium skincare (£200+), according to NPD, both of which reported double digit growth.  

Conditions set to shift again

The research firm cautions, however, that the rapid growth is unlikely to be sustained, with economic and retail conditions likely to shift again in the coming period.

Teresa Fisher, Senior Account Manager, NPD UK Beauty, said: “The sale of prestige beauty products has seen unprecedented growth in the three-month period following Brexit.

“This is great news for retailers and manufacturers both in store and online and represents a huge opportunity for prestige beauty in the upcoming Christmas festive season, however, based on trended insight we do not believe this can be sustained.”

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