Premium beauty and personal care recorded a better performance than mass beauty and personal care in 2020, registering only a small current value decline. The primary consumers of premium beauty and personal care are mid-income and higher-income households made up of individuals with more stable jobs.
To restrict the spread of COVID-19, the Lithuanian government introduced a lockdown and enforced temporary closures for beauty salons and hairdressers. As many premium consumers use these services for treatments, they had to either go without or learn to perform such treatments themselves.
The decline of the office work culture halted demand for products such as coloured cosmetics and hair styling products as consumers had less need to maintain appearances. However, less time at the office and less spent on these products, meant more time at home and more money for alternative products.
Local manufacturers are set to slowly but surely gain attention amongst premium consumers as they increasingly show interest in the origin of the products they are consuming. Many local brands have strongly reshaped their marketing strategies to weather the changed landscape of lockdown.
Whilst many brands thrive due to their wide and varied product portfolio, one brand that has taken an alternative stance is local brand MATH. The brand encourages minimalism, emphasising this via its packaging, and claims that a few good quality products are more than enough to sustain modern skin care.
Over the forecast period, the trend of favouring more expensive, higher-quality products is set to drive premium category growth. The target audience of premium beauty and personal care players tend to maintain stable income levels, even in times of economic uncertainties, and will thus continue to spend on luxury and benefit-driven products as the pandemic subsides.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Lithuania with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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