LONDON, UK – Global market research company Euromonitor International predicts negative sales in the global beauty market in 2020, due to the impact of COVID-19, with the premium segment witnessing the sharpest declines.
Yet, according to the webinar ‘Health and Beauty in the Coronavirus Era’, the global health crisis has accelerated the wellness movement and all related micro-trends, as consumers have shifted their attitudes and consumption habits towards products and services focusing on health, ‘clean’ propositions and emotional well-being. Demand for immunity and prevention drives sales growth of immunity-positioned supplements by 14% in 2020.
Irina Barbalova, global head of health and beauty, at Euromonitor International comments, “health and beauty continue to merge as ‘wellness beauty’, benefiting not only high-priority hygiene essentials, such as hand soap and sanitisers, but also the ‘clean to conscious’ movement in which safety, sustainable sourcing and ingredient transparency will be even more sought after”.
In 2020, 65 per cent of global consumers consider mental wellbeing as a key factor in the perception of health, according to Euromonitor’s ‘Global Health and Nutrition Survey’.
“Every health and beauty brand should be mindful of mental and emotional health coming to the frontline within the wellness segment,” adds Matthew Oster, global head of consumer health at Euromonitor International. “Cultivating the notion of inner calm, balance and emotional support through product and service formats, digital applications, ingredient formulations, as well as community-driven platforms will become a core manifesto for many brands.”
Euromonitor International’s ‘Health and Beauty in the Coronavirus Era’ free webinar can be accessed here.
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