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The expansion of the middle class in the country is reflected in fewer people living in poverty; that is, the middle-class group has widened but it is still very susceptible to price variations and economic stability in the country. In 2019, the Bolivian middle class generally behaved cautiously when making purchases, as the country entered a period of slow economic growth since 2015.
Product sales in the premium beauty and personal care category benefitted from beauty specialist retailers expanding onto online platforms in 2019. Although there are few companies offering online sales in the country this sales channel will probably succeed as consumers of premium beauty and personal care products are used to buying through these platforms.
Cosmet was still the leading seller of premium beauty and personal care products in 2019 with a store presence across the country, including Santa Cruz and La Paz. It is the official distributor of many famous brands and launched many of them in Bolivia.
Sales of premium beauty and personal care are now expected to decrease by 10% in 2020 in 2019 constant value terms in light of the impact of COVID-19. In the first half of 2020, the COVID-19 pandemic has put an abrupt halt to the sales growth seen for these products during the review period, and has triggered widespread economic uncertainty, encouraging mid- and high-income consumers alike to cut back on spending.
With most workplaces closed and socialising in person coming to a halt during the COVID-19 lockdown, the usage of most products in premium beauty and personal care is in decline in 2020, with most product areas set to see value at constant 2019 prices fall. Premium colour cosmetics and fragrances are expected to be hit hardest as consumers spend more time at home.
Despite the sharp value decline at constant 2019 prices expected in 2020 as a result of the COVID-19 lockdown and economic uncertainty will result in premium beauty and personal care seeing sales increase for the forecast period as a whole, with sales recovery being seen from 2021 onwards. Many consumers will remain highly price-sensitive and continue to prioritise essential purchases, while seeking the lowest available prices.
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Discover the latest market trends and uncover sources of future market growth for the Premium Beauty and Personal Care industry in Bolivia with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Beauty and Personal Care market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.