Despite the ongoing growing interest in premium beauty and personal care products in Switzerland, driven by growing demand in natural and ethical products, the impact of COVID-19 on premium products was severe in 2020. This led to premium beauty and personal care recording a value decline of 6% for the year, compared to growth of 1% in 2019.
The main distribution channels for premium beauty and personal care products, such as small boutiques, beauty specialist retailers and beauty salons, were all impacted by strict lockdown regulations and store closure rules, thereby limiting access to these products during 2020. This further dampened sales for premium products, especially as this reduced the ability to try samples and testers, something consumers often do before purchasing a higher value product.
L'Oréal Suisse remained the leading player in premium beauty and personal care in value terms in 2020, maintaining its strong leading position with its large selection of popular, trusted and highly innovative premium brands such as Lancôme, Yves Saint Laurent, Biotherm, Vichy and La Roche-Posay – with the latter two being dermocosmetic brands that are gradually growing in significance. However, due to the outbreak of COVID-19 in the country, the player recorded a double-digit decline in value sales, which saw it lose share on the landscape.
In line with results expected to be seen from mass beauty and personal care, premium beauty and personal care is expected to record the start of a recovery from 2021, as consumers socialise more frequently and some return to the work place. While leading brands and manufacturers within the premium landscape, such as L'Oréal's Lancôme or Chanel and Estée Lauder, held off their major product launches in 2020, 2021 and the rest of the early forecast period is set to see various innovative new launches, with a focus on customisable skin care, specialisation and added value benefits.
Despite a return to positive growth in 2021, ongoing financial insecurities, as well as additional lockdowns and permanent closures of some smaller independent outlets, are set to put a damper on growth potential.
Over the forecast period, the natural beauty trend is forecast to be a key driver of sales in premium beauty and personal care in Switzerland. This trend will be further strengthened by the rising media attention surrounding the potential toxicity of some of the ingredients used in beauty and personal care products.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Switzerland 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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