The removal of COVID-19 restrictions in 2021 and a move back to a more normal life in Finland raised demand for premium beauty and personal care products. After a period of being more conservative in their spending and saving money wherever possible in 2020, Finns became more willing to make premium purchases in 2021.
Finns usually purchase a relatively large share of premium products at tax-free stores on ferries between Finland and Sweden and Estonia as well as at tax-free shops in airports. The continuation of COVID-19 restrictions in 2021 and a lower propensity to travel reduced outbound travel.
The reopening of hair salons in 2021 and gradual removal of restrictions boosted the sales of premium hair care. Thus, current value sales rebounded strongly in 2021, although they remained below pre-pandemic levels.
It is expected that premium beauty and personal care product sales will reach pre-COVID-19 levels quickly in 2022 and continue see solid value growth for the review period. Some premium categories, such as colour cosmetics, hair care and deodorants are expected to record greater consumption over the forecast period, as consumers replenish stocks and enjoy spending more time socialising out of the home.
Domestic premium brands are expected to continue to snatch sales away from international brands. Scientific advances and natural ingredients are expected to feature as domestic brands innovate and gain awareness among consumers.
Premium products face growing competition from sophisticated mass beauty and personal care products where significant innovation has taken place and consumer trust is growing. Moreover, due to the economic uncertainty caused by the COVID-19 pandemic, Finns are taking a more considered approach when before investing in premium products.
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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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