Premium Beauty and Personal Care in Taiwan

PRE-COVID-19 PERFORMANCE

Rise in cosmetic surgery helps drive demand for dermo-cosmetics in 2019

Driven by factors such as the rise of social media and a selfie culture, consumers in Taiwan have become increasingly conscious of their appearance. This led to a rise in consumers paying for cosmetic surgery during the review period, with these services also becoming more affordable.

Consumers trade up to premium options as incomes rise

Premium skin care remained the largest category in premium beauty and personal care in 2019 and it continued to see healthy growth with it benefiting from rising purchasing power. As awareness of the importance of a good skin care routine grows, more consumers are turning to premium brands for their efficacy, with some starting to purchase premium skin care products at a younger age.

L'Oréal retains the lead in 2019 with it continuing to expand its range

The competitive landscape continued to intensify in 2019 with the leading manufacturers continuing to invest in new product development and innovation as they looked to stand out. Leading company L'Oréal Taiwan Co Ltd, for example, launched Calendula Serum-Infused Water Cream in 2019 as a line extension for its popular Kiehl’s brand.

2020 AND BEYOND

COVID-19 impact

Sales of premium beauty and personal care are expected to grow by 1% in 2020 in 2019 constant value terms in light of the impact of COVID-19.

Affected products within premium beauty and personal care

Premium colour cosmetics is expected to be one of the biggest losers from COVID-19 with consumers wearing less make-up due to home seclusion and the requirement to wear masks. A similar story is true for premium adult sun care.

Recovery and opportunities

The effects of COVID-19 on premium beauty and personal care are expected to be relatively short-lived with sales set to rebound once concerns over the spread of the virus diminish. Some retailers have already put steps in place to navigate the short-term effects of COVID-19 and its impact on foot traffic in stores.

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