Premium brands suffered steeper declines compared to mass products in 2020, with the outbreak of COVID-19 increasing financial insecurity and leading to a double-digit decline of 24%, compared to a 7% decline on the mass landscape. Consequently, some areas in mass beauty and personal care recorded single-digit growth or a single-digit decline, whereas half the products on the premium landscape recorded a double-digit decline.
The premium dermocosmetic landscape, which includes Vichy and La Roche Posay, posted a significantly lower decline compared to other premium brands. The main driver of these sales was premium dermocosmetic skin care, which is perceived as effective against skin conditions including acne while being gentle for sensitive skin and often endorsed by dermatologists.
Sales of one of the biggest distributors for premium brands, Fetiche, declined during 2020. The player was not successful at the annual event titled “The Bazaar”, where discounts tend to lead to sales.
Premium brands will continue to record stifled growth during 2021 due to ongoing price sensitivity, leading some consumers to continue investing in cheaper items. As disposable income from most consumers will continue to be impacted during 2021, migrating to mass offerings will continue until many consumers are confident that their financial situation is fully stabilised.
Once confidence amongst the niche affluent target audience returns, premium products are set to increase their value share compared to pre-COVID-19, over the course of the forecast period. This will be noticeable in baby and child-specific products as consumers increase their spending on the wellbeing of their children, fragrances, skin care, adult sun care and colour cosmetics.
Across the forecast period, major brands will continue to upgrade and improve their websites to attract more consumers to online shopping. E-commerce, which saw heightened growth in 2020 due to home seclusion, will continue to grow within premium beauty and personal care, especially as regular consumers within the premium landscape are more likely to have credit cards and devices with internet access.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Guatemala 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.
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This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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