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Following weak economic performance over the review period, the Nigerian economy is expected to recover over the forecast period, thus helping to drive demand for premium beauty and personal care, which has struggled in recent times. As incomes increase, particularly among women, there is expected to be strong demand in some beauty and personal care categories for premium products, with many middle/upper income consumers placing a high premium on appearance.
A significant number of consumers are not prepared to compromise when it comes to purchasing premium beauty and personal care products due to their status level. Most consumers in this segment look to associate themselves with international premium brands in categories such as premium fragrances in an effort to enhance their appearance.
Estée Lauder continues to lead premium beauty and personal care sales in Nigeria. The company’s strong presence is supported mainly by the reputation for high quality that its brands have in premium fragrances.
Sales of premium beauty and personal care are now expected to decline by 1% in 2020 in 2019 constant value terms in light of the impact of COVID-19. In the first half of 2020, the COVID-19 pandemic has brought an abrupt halt to the strong sales growth seen for these products during the review period, and has triggered widespread economic uncertainty, encouraging mid- and high-income consumers alike to cut back on spending.
With most workplaces closed and socialising in person coming to a halt during the COVID-19 lockdown, the usage of many products in premium beauty and personal care is in decline in 2020, with many product areas set to see value at constant 2019 prices fall. Premium colour cosmetics, fragrances, hair care and adult sun care are expected to be hit hardest as consumers spend more time at home.
The sharp value decline at constant 2019 prices expected in 2020 as a result of the COVID-19 lockdown and economic uncertainty will impact premium beauty and personal care sales over the forecast period as a whole, before a recovery from 2021 onwards. Many consumers will remain highly price-sensitive and continue to prioritise essential purchases, while seeking the lowest available prices.
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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 Nigeria 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 Nigeria, our research will save you time and money while empowering you to make informed, profitable decisions.
The Premium Beauty and Personal Care in Nigeria 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.