Premium Beauty and Personal Care in North Macedonia

PRE-COVID-19 PERFORMANCE

Improved economic conditions provide boost for premium products in 2019

Quality of life in North Macedonia improved considerably over the review period, and in 2019 the country’s economy saw accelerated growth leading to higher wages and rising disposable incomes, along with increased consumer confidence. Such factors have been, and are likely to remain, the most important drivers of growth in premium beauty and personal care in North Macedonia.

Increased competition pushes players to intensify focus on added value and functionality in premium products in 2019

While the level of development in premium beauty and personal care in North Macedonia was below that of other developed countries in 2019, including Balkan neighbours, rising demand continued to push manufactures and brands to move quickly in response, and the year saw a number of new product launches in line with current trends towards the naturalness and sustainability, as well as convenience. Producers expanded their brand portfolios to include and wider variety of products offering value-added benefits such as superior moisturisation and exotic scents.

Coty maintains lead as it continues to lose share to CM Dela in 2019

Coty Inc continued to lead premium beauty and personal care in 2019, thanks to the strong presence of its well-known fragrances brands including Hugo Boss, Calvin Klein, Gucci, Davidoff and Lacoste. The company saw a decline in value share, however, continuing a downward trajectory that began in 2017.

2020 AND BEYOND

COVID-19 impact

Premium beauty and personal care is seeing a fairly strong overall decline 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 are faring better than their mass counterparts, however, particularly those that offer antibacterial properties and a convincing defence against the spread of infection.

Affected products within premium beauty and personal care

Premium adult sun care and premium fragrances are the fastest-declining product areas within premium beauty and personal care in 2020. Premium fragrances has always struggled to compete against mass fragrances in North Macedonia, and lockdown measures and social restrictions have reduced motivation to purchase premium luxury products even further.

Recovery and opportunities

Premium beauty and personal care is predicted to recover well from its short-lived decline during the pandemic. Its growth will outperform that of mass beauty and personal care over the forecast period, with volume demand and consumer interest intensifying.

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