While the trend of premiumisation and the adoption of premium brands have helped to maintain high growth rates for super premium beauty and personal care in Singapore, the emergence of the pandemic has meant that the category has been marginally more impacted compared to mass beauty and personal care. Given the economic repercussions caused by the pandemic, an increasing number of consumers are trading down in terms of purchases, from those of higher to lower prices, as a result of reduced discretionary spending.
The impact of salon closures, and the home seclusion trend as consumer were forced to stay indoors due to the lockdown and social distancing measures, have resulted in varying results for super premium beauty and personal care in 2020. The most positively impacted have been super premium skin care and other premium beauty and personal care such as hair care, with both recording further demand in 2020.
Super premium beauty and personal care is a fairly fragmented competitive landscape in Singapore, with only leading player L'Oréal (S) Pte Ltd (Lancôme, Kiehl's) holding double-digit value share pre-pandemic. It is followed by renowned names such as Chanel (which launched its dedicated e-commerce site in Singapore in late 2018), Christian Dior and TFS Singapore Pte Ltd (The History of Whoo).
As Singapore continues to relax restrictions and enter Phase Three of its safe re-opening policy whereby physical retailers can resume operations, demand for super premium beauty and personal care will rapidly recover as consumers gradually return to their daily lives. This is set to boost demand for the entire category, with retail volume sales predicted to outperform review period growth rates.
The unique circumstances of the pandemic have boosted preventive health concerns amongst local consumers. According to VIA, Euromonitor International’s pricing intelligence tool, an average of 30% of liquid soap products listed online in Singapore immediately went out of stock after the DORSCON (Singapore’s risk assessment level of the Disease Outbreak Responses System Condition) level alert was raised from yellow to orange on 8 February 2020, in comparison to an average of 15% prior to the announcement.
As players slowly switch to preparing for recovery, a reassessment of priorities and values are necessary. As necessity takes priority over luxury within beauty and personal care, brands will need to differentiate themselves in terms of their brand values and stories, in order to continue connecting with existing consumers.
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Understand the latest market trends and future growth opportunities for the Super Premium Beauty and Personal Care industry in Singapore 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 Super Premium Beauty and Personal Care research and analysis database.
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