Despite Colombia suffering from reduced consumer purchasing power, job insecurity and a more general negative economic outlook in terms of inflation, premium beauty and personal care still saw a return to growth in current value terms in 2021. These products rely heavily on beauty specialist retailers and department stores for sales and as such benefited from the easing of restrictions.
Despite an improved performance from premium beauty and personal care sales were hampered by a growing number of consumers switching to mass alternatives in order to save money. This trend was supported by the fact that a growing number of mass brands are introducing an increasingly sophisticated range of ingredients and product claims.
Premium colour cosmetics continued to struggle in 2021 posting a double-digit decline in current value terms for the second year running. This was largely because consumers faced financial pressures due to a high unemployment rate and a steep decline in disposable incomes.
Premium beauty and personal care is expected to benefit from more normalised spending behaviour from 2022 onwards, especially in a smaller categories such as premium baby and child-specific products and premium bath and shower. As consumer confidence gradually returns the willingness of consumers to invest in their appearance and the health of their hair and skin should pick up.
Health, natural and ethical claims are the new status symbols that are expected to influence new product development and demand within premium beauty and personal care over the forecast period, especially when it comes to prestige/luxury products. Categories aligned with wellness trends and sustainable products and features are expected to profit in the future.
Sustainability is expected to have a strong impact on the development of new packaging within premium beauty and personal care as brands look to convey a positive image. Some premium brands have already developed innovative new options in this direction, such as perfume fountains (Mugler and Guerlain), eco-refills (L'Occitane), and sorting and recycling of empty packaging (Kiehl’s).
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium Beauty and Personal Care industry in Colombia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Premium Beauty and Personal Care
This is the aggregation of premium colour cosmetics, fragrances, deodorants, skin care, sun care, baby and child-specific products, bath and shower and hair care.See All of Our Definitions
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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