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Premium products performed better than their mass alternatives across all categories of beauty and personal care in terms of current value growth in 2019. Premium fragrances remained the largest category in premium beauty and personal care in 2019, dominating value sales.
The economy is a key factor that has traditionally affected the performance of premium beauty and personal care in Bosnia-Herzegovina, and this continued to hold in 2019. Generally, when the economic outlook is positive, many less affluent consumers feel encouraged to purchase premium products.
Some of the fastest-growing brands in premium beauty and personal care in 2019 were dermocosmetics brands, notably in the area of premium hair care. Here, Vichy from L’Oréal held the largest current value share in 2019.
Sales of premium beauty and personal care are expected to decline by 9% in 2020 in 2019 constant value terms in light of the impact of COVID-19. Previously strong sales growth for premium beauty and personal care products was heavily impacted by the COVID-19 pandemic during the early stages of 2020, with the resulting economic uncertainty prompting mid- and high-income consumers to cut back on spending.
With the exception of premium bath and shower and premium acne treatments, all product areas within premium beauty and personal care are expected to record falls in retail value at constant 2019 prices during 2020. Premium adult sun care, fragrances and colour cosmetics are expected to be hit hardest in 2020 as consumers go out less, have fewer opportunities for socialising away from home and work from home more.
Despite the sharp value decline at constant 2019 prices in 2020 as a result of the COVID-19 lockdown and economic uncertainty, premium beauty and personal care is expected to grow during the forecast period as a whole. Strong double-digit value growth is forecast for many areas in 2021 as consumer spending recovers, and the prospects remain good for many product areas throughout the forecast period.
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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 Bosnia and Herzegovina with research from Euromonitor's team of in-country analysts.
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The Premium Beauty and Personal Care in Bosnia and Herzegovina market research report includes:
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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.