Premium beauty and personal care was hit hard by the financial and logistical impacts of COVID-19 in 2020. In addition to price-sensitive consumers trading down to mass products, alongside the closure of important shopping channels for premium products.
Whilst mass beauty and personal care performed better than premium variants overall, due to economic reasons, there are a few exceptions to the rule. For example, premium fragrances saw smaller declines than mass fragrances, alongside premium acne treatments and premium anti-agers faring better than their mass counterparts.
L'Oréal Belgilux SA maintained its narrow lead in premium beauty and personal care in 2020. However, as seen in mass beauty and personal care, the category is fragmented due to the high levels of competition.
Premium beauty and personal care is expected to recover to a degree in 2021, with small growth continuing over the forecast period (for most categories). Contrarily to the 2008 economic crisis in Belgium, where spending was mostly affected, the event of COVID-19 also limits social freedom, workplaces and entertainment venues and, as such, once the restrictions are eased it is expected that consumers with strong enough spending power will start to reinvest in premium products.
Prior to the event of COVID-19, premium beauty and personal care relied heavily on in-store shopping experiences, as consumers were hesitant to make their premium purchases online without seeing the product in real life. However, the pandemic created a shift away from the traditional retail channels towards e-commerce, with leading players taking the opportunity to step up their investments in their online platforms, thus to continue trading whilst department stores and specialist beauty retailers (their main channels) remained closed.
Natural ingredients and sustainable packaging are trends which are also evident in premium products. Consumers are increasingly seeking high quality products which are both environmentally friendly and gentle and kind to the skin, whilst still being effective.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Belgium with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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