The latest research from Imogen Matthews Associates, in association with YouGov, reports more consumers than ever are waiting for discounts before they buy cosmetics. A strategy which may have backfired for some premium brands.
Despite the economic crisis over the last few years causing consumers to take a serious look at their spending, it appears they have stayed serious about their look, as UK make-up sales appear to be recession proof.
The UK welcomed the Jubilee celebrations as well as the Olympics and Paralympics and this helped to boost consumer optimism, but the recession still took its toll and the premium beauty market saw slightly slower growth than in the previous year.
Within the UK, the women’s fragrance sector has experienced significant year on year growth over a ten year period whereas the deodorant and body spray sector has been almost stagnant, according to research analyst Mintel.
While the recession may officially be over it has taken its toll on the beauty packaging industry and manufacturers will have to turn to differentiation of packaging format, size and shape to attract consumers.
As disposable incomes rise for emerging market consumers, sun care will become more affordable to many, urging Euromonitor to advise that sun care manufacturers should look to grow sales in poorer countries.
As consumers feel the pinch of a global recession they often look to private label goods as a way to save a few pennies. Couple this with the lower overheads and financial outlay offered by contract manufacturers and the sector seems to have a winning...