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Increasing disposable incomes and the rise in the number of mid-income households in the Philippines continued to support healthy current value growth for premium beauty and personal care in 2019, as a growing number of local consumers showed a willingness to invest non-essentials, in addition to trading up to higher quality premium options. However, Filipino consumers still expect to receive value for money, and the premium category started to experience a slowdown in its growth rate in current value terms at the end of the review period, in line with increasing value growth recorded by mass segments, particularly within skin care as players continued to add value to their products through the use of more advanced formulations or natural ingredients; therefore, some consumers perceive mass skin care for instance, to offer affordable alternatives to premium products.
With a gradually falling birth rate in the Philippines, local parents are increasingly investing in their children’s health and wellbeing, encouraged by rising disposable incomes. Consumers are also becoming more aware of baby and child-specific products and the benefits they provide, such as being kinder on a baby’s sensitive skin.
Premium beauty and personal care remained a highly fragmented competitive landscape in 2019, led by multinationals Estée Lauder (the only player to hold double-digit value share), and L'Oréal, both of which gained further ground, followed by direct seller Nu Skin Enterprises Philippines Inc.
Value sales of premium beauty and personal care are expected to grow by 1% in 2020 at constant 2019 prices in light of the impact of COVID-19.
Like the mass segment, the home seclusion trend linked to strict lockdown measures as a response to COVID-19 in the Philippines is set to have a negative impact on several categories in 2020, with subdued demand felt most strongly by premium colour cosmetics, and premium sun protection. With consumers unable to leave their home environments for long periods of time, these products are deemed non-essential by many.
Normalisation is predicted in terms of purchasing behaviour from 2021 for categories which did not fare as well in 2020 during the pandemic, including premium colour cosmetics and premium fragrances, as consumers return to the workplace and socialising outside of the home environment.
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Discover the latest market trends and uncover sources of future market growth for the Premium Beauty and Personal Care industry in Philippines with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Premium Beauty and Personal Care industry in Philippines, our research will save you time and money while empowering you to make informed, profitable decisions.
The Premium Beauty and Personal Care in Philippines market research report includes:
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This industry report originates from Passport, our Beauty and Personal Care market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.