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Premium beauty and personal care recorded current value growth in line with the average rate for beauty and personal care overall in 2019. Premium fragrances and premium skin care remained the largest categories.
In an extension of the trend towards more premium and premium-priced products, 2019 also saw a rise in the number of consumers turning to deluxe or prestige products. These very high-end products are characterised by their extremely high price and exclusivity.
The competitive landscape within premium beauty and personal care remained relatively stable overall in 2019, with many of the leading players recording value growth around the average for the category. L’Oréal Magyarország maintained its lead and was the dominant player in value terms across numerous product areas, including premium skin care, hair care, colour cosmetics and bath and shower.
Sales of premium beauty and personal care are expected to decline by 12% in 2020 in 2019 constant value terms in light of the impact of COVID-19. The COVID-19 pandemic impacted heavily on sales in most areas of premium beauty and personal care in Hungary during the earlier part of 2020, as mid- and high-income consumers cut back on spending on many premium products.
The majority of product areas with premium beauty and personal care are expected to see double-digit falls in 2019 constant value terms during 2020. Premium adult sun care, fragrances, colour cosmetics and hair care are expected to be the hardest hit as consumers go out less, have fewer opportunities for socialising away from home and also work from home more.
The majority of product areas within premium beauty and personal care are expected to see a return to value growth at constant 2019 prices in 2021. However, this is likely to be muted in many areas during the remainder of the forecast period, with only a marginal rise in retail value at constant 2019 prices for the category overall.
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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 Hungary with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Premium Beauty and Personal Care industry in Hungary, 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.