Polishes saw retail volume and current value declines in 2020. COVID-19 limited trips outside the home, which hampered growth in shoe polish, whilst more consumers switched to floor cleaners in surface care instead of floor polishes.
The rising tendency to install contemporary modern flooring, which is less challenging in terms of maintenance, led to decline for floor polish in 2020, with the fall in sales also continuing in 2021. In addition, due to increasingly busy lives, consumers are on the lookout for quicker and more convenient or easier cleaning options.
In 2021, despite the limited demand, companies offered extensive promotions, with widespread price discounts such as 50-60% off, as well as dual and triple packs, in a bid to stay afloat. For instance, after seeing the strongest price decline in 2020, furniture polish saw the slowest unit price growth in 2021 due to product offers.
Shoe polish is expected to see slow but stable retail volume and current value growth in the forecast period. On the one hand, business and official dress codes are becoming more casual, whilst there are also more opportunities to work from home with flexible working hours, which means formal shoes may not to be used, or at least used less frequently, which will hamper the growth of shoe polish.
The lack of novelty or product development in polishes is limiting the appeal of these products, and consumers are likely to look for newer, more innovative and simpler approaches to maintaining products in the home in the forecast period. They may turn to multipurpose products in other home care categories which can achieve equivalent results in the coming years.
The manufacturers of floor polishes are likely to try and strengthen their sales through discounts and promotions on twin packs/multipacks. They are also expected to benefit from the introduction of more innovative and progressive products, shoring up their sales to combat the challenge from specialised floor cleaners within surface care which also claim to leave a shine.
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