Colour Cosmetics in Mexico

PRE-COVID-19 PERFORMANCE

Economic problems and changing trends lead to slow value growth and volume decline

Colour cosmetics are traditionally considered part of the beauty routine of most Mexican women, with the exception being women living in rural areas, who due to their low incomes and agricultural-related activities, do not give colour cosmetics the same priority as women in urban areas. Although colour cosmetics continued to see current value growth in 2019, the rate of growth was much lower than seen in any other year of the review period.

Product launches maintain consumers’ interest

Colour cosmetics is a dynamic category which sees continuous launches. For instance, at the end of the review period launches of limited editions played an important role in supporting sales of colour cosmetics in both the mass and premium segments.

Direct selling companies see share declines but remain significant

Due to the leading position of direct selling in colour cosmetics, the leading player in colour cosmetics in value terms in 2019, Mary Kay Cosméticos de México, is a direct seller. Mary Kay’s leadership is thanks to its sales force, which is approaching 350,000 representatives, and a dynamic product portfolio that is attractive to the brand’s target group.

2020 AND BEYOND

COVID-19 impact

Colour cosmetics is now expected to see a 10% decline in 2020 in 2019 constant value terms in light of the impact of COVID-19. This is a much stronger fall than the negligible decline forecast for 2020 during research conducted at the end of 2019 before the spread of COVID-19.

Affected products within colour cosmetics

All categories within colour cosmetics are expected to be strongly negatively affected by COVID-19 in 2020, with both current value and volume declines in all categories. As such products are not considered a necessity by most consumers, stockpiling has not been seen in any category.

Recovery and opportunities

Although the main impact of COVID-19 is expected to be in 2020, it is likely to continue to have a lingering effect on colour cosmetics in the forecast period. Although a return to current value growth is expected from 2021, and to volume growth from 2022, much slower growth rates are expected to be seen than in the review period, despite the rising population, urbanisation and more women joining the workforce.

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