Premium Beauty and Personal Care in Colombia

PROSPECTS

Active ingredients boost sales growth

Demand for clean ingredients, sunscreens and multivitamins and minerals is driving growth in premium skin care causing the niche to become more mainstream, directly impacting innovations in the wider beauty world. Women are choosing to spend their money differently and more thoughtfully in their beauty routines; anti-ageing, DNA protection, antioxidants, anti-stress and skin lifting or firming demands have forced manufacturers to tailor solutions with potential high performance mainly with natural and unique ingredients such as sorghum, Lady's Mantle Extract and Aphanizomenon Flos Aquae Extract among others to boost their formulations.

Targeting millennials through digital communication

Premium skin care is perceived as offering the latest technology in terms of formulations and benefits, which are generally endorsed by sales representatives in stores, helping consumers to decide on the best routines according to their skin type and needs. Even though premium brands rely on a particular customer experience, brands targets millennials through social media as for any launch of beauty brands in today’s fast-moving digital era.

Premium fragrances is an accessible luxury segment

According to trade sources, growth will be supported by a healthy economy, rising standards of living, changing lifestyle trends, increased per capita spending on aspirational scents and the availability of new specialist channels. Premium fragrances is supported by a large number of brands available in the country and a large base of young users who are quick to compare prices between mass and premium products, and see the latter as an investment.

COMPETITIVE LANDSCAPE

Rise in retail and distribution channels focused on premium quality beauty brands

Over the last 10 years, distribution of premium brands has evolved, as one of the most important premium retailers in Colombia, La Riviera, closed half of its outlets and changed its payment policies due to legal obligations; forcing brands to reconfigure by finding new selling points and distributors to overcome the difficulties that were evident in 2017. Colombia is still a market with great potential and is expected to see new players and fragrance specialists such as Distribeaute and Panabel (distributors) and Escentia reach out to consumers.

L'Oréal leads sales of premium products

L'Oréal leads sales of premium beauty and personal care due to the relevant brands within its portfolio. Dermocosmetics have developed strongly targeting medium-to-high income consumers with special needs.

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