Premium beauty and personal care will be devastated by the COVID-19 pandemic in 2020 overall as current value sales plummet. The main reason for this has been due to the economic uncertainty as a result of the crisis, encouraging mid- and high-income consumers alike to cut back on spending.
In response to the COVID-19 pandemic, premium beauty and personal care players have developed new options for consumers, including delivery services and the adaptation to social distancing measures. For example, many retailers have developed pick-up services in-store, alongside the option for consumers to make purchases through WhatsApp and virtual shopping via e-commerce.
Throughout 2020, intense promotional activities have been witnessed amongst retailers within e-commerce. For example, premium product players have increased their advertising via social media alongside email marketing as to reach more consumers.
Premium beauty and personal care will rebound from as soon as 2021, however a full recovery is not expected until later on in the forecast period. Many consumers will remain highly price-sensitive and continue to prioritise essential purchases, while seeking the lowest available prices, thus restricting an immediate recovery for premium beauty and personal care.
E-commerce will continue to gather pace over the forecast period, albeit at a slower rate than that witnessed in 2020. However, in 2021, ongoing fears associated with the COVID-19 pandemic will continue to encourage consumers to shop via e-commerce as to avoid possible contagion.
Over the forecast period, beauty specialist retailers are expected to launch new releases of premium brands in order to recover post pandemic. The new product launches will aim to create awareness amongst consumers regarding fragrances, skin care, and make-up whereby specific developed will be released in keeping with current trends and changing consumer preferences.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Bolivia 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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