Premium beauty and personal care recorded a robust sales performance in 2020 as the impact of the COVID-19 pandemic on category sales was moderate, at best. Nevertheless, it should be noted that sales did come under pressure during the first half of the year as many Taiwanese consumers were particularly concerned about the risk of contagion associated with spending time outside of the home.
One of the main reasons that premium beauty and personal care outperformed mass beauty and personal care over the course of 2020 is that some of the country’s leading department stores engaged in heavy price discounting for these products during the second half of the year in an effort to attract consumers. Department stores remains the most important retail distribution channel for the leading names in premium beauty and personal care.
With consumer demand generally shifting heavily away from store-based retailing and towards e-commerce during 2020, the leading brands in premium and beauty and personal care had little option but to invest in the development of strategies to maximise their online presence and offer consumers multiple online purchasing options. While the general shift towards e-commerce has been in evidence in Taiwan for some time, the impact of the COVID-19 pandemic during 2020 accelerated this process massively.
With sales of premium beauty and personal care expected to shift further towards e-commerce during the forecast period, category players can be expected to increasingly take advantage of emerging digital technologies to improve the online shopping experience and boost sales. In particular, the livestreaming of sales and promotional events as well as product demonstrations and Q and A sessions is set to become increasingly important for the country’s leading premium beauty specialist retailers.
One of the most important trends in premium beauty and personal care towards the end of the review period was the widening of demand as consumers became interested in less well-known premium brands. This trend is expected to develop further during the forecast period, with niche and less prominent brands set to benefit from rising interest in less well-known brands, including notably local products and those imported from South Korea or Japan.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Taiwan 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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