All premium beauty care products have suffered major declines in 2020 as a result of COVID-19. A sharp decline in consumer confidence, a rise in job insecurity and a general aversion to making premium purchases all fuelled this decline.
According to a trade interview with a distributor, large discount campaigns to curb massive losses have been at the forefront of its efforts as a response to lower sales. Meanwhile, online retailers such as spleticna.
L'Oréal Slovenija doo maintained its lead in premium beauty and personal care in 2020 with no close contenders, thanks to its wide portfolio of globally-respected premium products across multiple categories, including: Biotherm; Vichy; Yves Saint Laurent; L'Oréal Professionnel; La Roche-Posay; and Urban Decay.
Increased hygiene and cleanliness concerns will undoubtedly intensify in the forecast period, resulting in continued growth or swift recovery for categories that are deemed to be essential for personal hygiene, such as bath and shower, hair care, skin care, body care and deodorants. Depending on the efficacy of curbing the pandemic, it remains to be seen how quickly certain categories will recover to pre-COVID-19 levels.
As consumer confidence and discretionary income rise, along with more frequent social gatherings, most categories in the premium category are estimated to recover. Sales could be further stimulated by discounts on luxury items to appeal to consumers who still seek indulgence but are hesitant to pay full prices.
Strong media coverage is a notable driver for premium products. At the end of the review period, a number of players used magazine articles and website portals to promote their brands and educate consumers about the benefits of the products.
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This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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