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Although premium beauty and personal care managed to maintain slight current value growth in 2019, this was much lower than in any other year of the review period. Sales of premium products were already low in Costa Rica because few people can afford them, accounting for only a single-digit share of overall value sales.
Endorsement by celebrities and global influencers continued to help the position of premium beauty and personal care offers in 2019. A good example is the colour cosmetics brand Urban Decay, which leverages the image of the singer Karol G to promote its marketing campaign Pretty Different, using street billboards and social media activations targeting local millennial women with its recognised Naked collection.
Premium beauty and personal care remained particularly fragmented in 2019, with more than half of sales accounted for by smaller players, included under “others”. Saint Honoré Costa Rica remained the leading individual player in 2019, and was the only player to hold a double-digit value share.
Premium beauty and personal care is now expected to see a 7% decline in 2020 in 2019 constant value terms in light of the impact of COVID-19. Like the mass segment, the premium segment is also expected to be affected by rising unemployment and consumers trading down, although to an even greater extent.
Overall premium beauty and personal care is expected to see a significant decline in 2020 due to the impact of COVID-19, although performances are expected to vary between categories. Premium fragrances, colour cosmetics and adult sun care are expected to see current value declines.
Although overall premium beauty and personal care is expected to return to negligible current value growth in 2021, a return to pre-COVID-19 levels of growth is not expected until 2022. This is because the worst affected categories, premium fragrances and colour cosmetics, are expected to continue dragging down the overall growth rate in 2021, despite the rebound expected for premium adult sun care.
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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 Costa Rica 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.