Premium beauty and personal care will respond negatively to the COVID-19 pandemic in 2020, with the fastest-declining product areas being those consumers have had little use for during lockdown and while social restrictions remain advisable. Some premium products have been performing better than their mass counterparts, however, particularly those that offer antibacterial properties and a convincing defence against the spread of infection.
Premium adult sun care and colour cosmetics have been the worst impacted product areas within premium beauty and personal care in 2020. The main reason for this is that lockdown measures and social restrictions have reduced motivation to purchase premium luxury products even further.
Coty Inc will continue to lead premium beauty and personal care in 2020, thanks to the strong presence of its well-known fragrances brands including Hugo Boss, Calvin Klein, Gucci, Davidoff and Lacoste. The company has seen a decline in value share, however, continuing a downward trajectory that began in 2017.
Premium beauty and personal care is predicted to recover from as soon as 2021 in response to social restrictions easing. Its growth will outperform that of mass beauty and personal care over the forecast period, with volume demand and consumer interest intensifying.
As mass beauty and personal care products gain even more shelf space with the expansion of modern retailing over the forecast period, producers of premium-positioned products will increase their online presence and brand activity through social media, boosting purchase through e-commerce and rising numbers of young, digitally-savvy Macedonians who are keen to follow the latest trends. As a result, e-commerce will continue gathering pace over the forecast period, albeit at a slower rate than that witnessed in 2020.
The leading players in premium beauty and personal care over the forecast period will continue to be large multinationals. Domestic companies and brands have so far failed to gain a significant presence in the premium segment in North Macedonia, with domestic companies serving as importers for multinational global brand owners.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in North Macedonia 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 North Macedonia, 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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