Super premium beauty and personal care in Malaysia was negatively affected by the country lockdown enforced between 18 March and 4 May 2020. During this time, non-essential retail stores were required to close, including standalone stores and department stores like Isetan, Parkson and AEON.
Beyond store closures, demand for super premium beauty and personal care was further reduced due to a multitude of external factors in 2020. For example, job losses and the surge in unemployment in Malaysia resulted in many consumers being unable to afford higher-end super premium beauty and personal care.
In order to stimulate demand, players actively used online platforms to connect with consumers in 2020. For example, third leading brand Sulwhasoo began hosting virtual live events through Facebook in 2020.
In the forecast period, certain super premium beauty and personal care products will recover quicker than others. For example, super premium skin care is set to post a quicker recovery than other products due to its more essential positioning.
In the forecast period, e-commerce platforms will only continue to strengthen. Within super premium beauty and personal care, there is already a large number of existing online players since local consumers appreciate the high price transparency through this channel.
To further stimulate demand in the forecast period, players will return to actively launching new products to attract consumers with exclusive special edition offers. Such activity will be especially important for super premium colour cosmetics and skin care.
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Understand the latest market trends and future growth opportunities for the Super Premium Beauty and Personal Care industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Super Premium Beauty and Personal Care industry in Malaysia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Super Premium Beauty and Personal Care research and analysis database.
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