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The anti-government protests that rocked Hong Kong throughout 2019 had a particularly negative on premium beauty and personal care. This was mainly because of the resultant sharp drop in the number of visitors from mainland China, who traditionally represent a core consumer group for premium brands.
Despite challenging trading conditions, premium beauty and personal care witnessed several new launches in 2019. Premium skin care was among the busier categories in this regard, with microbiome science – referring to microorganisms that live on skin and play a central role in its barrier function – emerging as a key inspiration and point of differentiation for new product development.
Though both recorded substantial declines in total value sales, L'Oréal and Estée Lauder remained the top two companies in premium beauty and personal care in 2019 thanks to broad portfolios that cover multiple categories and offer a plethora of globally renowned brands. L'Oréal claimed the leading position in premium colour cosmetics, hair care, skin care and sun protection.
Premium beauty and personal care value sales at constant 2019 prices are expected to grow by 3% in 2020 in light of the impact of COVID-19. Having suffered disproportionately from the widespread political unrest that gripped Hong Kong in 2019, the premium segment is also most exposed to the fallout of the pandemic.
Among the main premium beauty and personal care categories, premium fragrances and premium colour cosmetics are projected to post the steepest value sales declines in 2020. In addition to being hardest hit by the loss of Chinese tourists, the non-essential nature of these product types and the fact that they are mainly worn outside the home means they are most exposed to increased budget-consciousness and the adoption of social distancing measures among the local population.
Premium beauty and personal care looks set to perform positively over the forecast period as a whole, with robust growth in total current value sales projected. The majority of categories are expected to see demand rebound strongly or stabilise in 2021, and then grow steadily towards 2024.
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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 Hong Kong, China with research from Euromonitor's team of in-country analysts.
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The Premium Beauty and Personal Care in Hong Kong, China market research report includes:
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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.