Premium beauty and personal care was worse affected by the COVID-19 crisis in 2020 than mass beauty and personal care due to the importance of inbound tourism on sales in this category. The category recorded a massive decline in retail current value sales, especially seeing as tourism had already been declining in 2019 due to political unrest in the region.
Comfortable, safe and mask-friendly products in premium beauty and personal care gained considerable traction in Hong Kong in 2020 as consumers focused on their health and wellbeing during the COVID-19 pandemic. As customers focused on their health in the context of the health crisis, many consumers switched to products that claim to be irritant-free as they adjusted to the new normal of wearing face masks and remaining in home seclusion.
During the COVID-19 pandemic, customers were not able to visit non-essential retail outlets for certain periods and many consumers preferred to avoid contact with crowds of people in 2020. This led to a lack of engagement with companies which would usually offer product demonstrations and advice through retail outlets.
Despite the vaccine programme set to begin in 2021, premium beauty and personal care has a long road to recovery ahead of it, with current value sales not expected to reach the high of 2018 until as late as 2024. This is due to the projected slow recovery of local demand for premium beauty and personal care products, as Hong Kong consumers are expected to remain cautious with their spending due to the negative economic impact of the COVID-19 crisis as well as the current political tension with mainland China.
The presence of global health and wellness trends will continue to grow in Hong Kong over the forecast period with consumer demand for products with natural and harm-free ingredients continuing to rise. Consumers are expected to prioritise products with scientifically proven formulae including natural ingredients, such as herbal and botanical extracts, over the forecast period as consumers are becoming more aware of the benefits of natural ingredients, especially when it comes to self-care and immunity.
Over the forecast period companies are expected to offer a more targeted approach to skin care and hair care, as consumer demand for this kind of personalised product is driven by the growing popularity for health monitoring. Brands currently offering personalised products include Aveda, which offers a free scalp camera consultation, and Mi Ming Mart, a premium beauty and personal care retailer in Hong Kong which creates custom face masks for consumers.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Hong Kong, China 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 Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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