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Premium beauty and personal care remained a niche in Guatemala in 2019. This is due to the fact that the main consumer group that purchases these products is comprised of affluent urban Guatemalans, with a higher level of education, greater disposable incomes and a stronger desire to purchase international brands that they already know from travelling abroad.
Brand loyalty, higher quality and the opportunity to purchase products that are not available to the masses drive demand for premium brands of beauty and personal care in Guatemala amongst local affluent consumers. The personalisation trend is also reflected in these consumers’ purchasing decisions, particularly within premium fragrances where they search for scents that they feel best represent their personality; whilst men are more likely to purchase fragrances for specific occasions or areas of their lives such as for the work environment, or for socialising on an evening out, affluent women are more likely to keep a number of different premium fragrances at any one time, and often carry them in their handbags to apply throughout the day, choosing scents that reflect their mood.
The competitive landscape of premium beauty and personal care in Guatemala remained highly fragmented in 2019, dominated by multinational brands, which benefit from strong trust and loyalty amongst affluent consumers who regard these products as offering higher specific quality in terms of advanced formulations and the kudos of purchasing globally-recognised brands. Perco SA marginally strengthened its lead of overall premium beauty and personal care in 2019, as it is the local distributor for many multinational fragrances including Hugo Boss, Paco Rabanne and Chanel.
Value sales of premium beauty and personal care are now expected to decline by 7% in 2020 at constant 2019 prices in light of the impact of COVID-19.
Premium products that are predicted to be the most negatively impacted by the home seclusion trend are colour cosmetics, fragrances, and skin care with strong declines in both volume and value terms (at constant 2019 prices) likely in 2020. With accessibility to these areas of beauty and personal care highly restricted due to the closure of department stores in particular, affluent consumers are more likely to reduce their usage of products that they already own, particularly when they have limited occasions to use them.
Premium beauty and personal care is not predicted to experience some level of recovery until 2022, with 2021 still likely to experience declining value sales at constant 2019 prices. While affluent consumers are likely to be able to return to department stores and beauty specialist retailers once lockdown measures are eased, concerns amongst consumers in the lower end of the high-income segment may continue to be cautious about their expenditure on premium products immediately after the pandemic, particularly if there have been cases of redundancies in certain sectors.
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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 Guatemala with research from Euromonitor's team of in-country analysts.
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If you're in the Premium Beauty and Personal Care industry in Guatemala, our research will save you time and money while empowering you to make informed, profitable decisions.
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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.