Colour Cosmetics in Venezuela

PROSPECTS

Colour cosmetics falls off the list of priorities of Venezuelan consumers

Colour cosmetics recorded a decline in the number of units sold in 2017 since consumers are focused on purchasing basic and priority products in beauty and personal care and packaged food whilst avoiding less essential items such as colour cosmetics. No recovery in retail volume sales can be expected over the forecast period as long as limited purchasing power continues to dampen demand.

Venezuelan women are willing to trade down to maintain their beauty routine

Colour cosmetics are bought and used by women of all income groups. Regular use of colour cosmetics is part of Venezuelan women’s culture, which has been highly influenced by a strong tradition of beauty pageants such as Miss Venezuela.

Facial make-up with sun protection not common in Venezuela

Foundation/concealer and sun protection do not overlap, primarily because of their different application moments. Sun protection is normally used when going to the beach or when practising outdoor sports, whilst foundation and facial powders are used in a daily routine, in the mornings and/or evenings.

COMPETITIVE LANDSCAPE

Low-price strategy keeps Drocosca in the lead

Drocosca, a domestic manufacturer, continued to lead colour cosmetics in 2017. The company increased its retail value share following an upward trend observed over the review period.

Local companies dominate the category in spite of supply chain hurdles

Local brands such as Valmy (Drocosca) and Personi (Aroma Cosmetics) continue to base their competitive strategies on low prices, whilst Mon Rêve (Mercantil International) is positioned in the mid-price range. Colour cosmetics saw little innovation during 2017, which is expected to continue as long as imports of inputs and final products remain too costly.

Venezuelan consumers change their make-up styles to fit their budgets

Faced with tight budgets, Venezuelan women are limiting their purchases to basic items. They will choose powder over foundation/concealer, as they believe powder serves multiple purposes.

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