Sales of super premium beauty and personal care products are set to drop in 2020 as a result of the pandemic, although value decline has far less acute than any other luxury product. The fall in sales was caused by the closure of non-essential retail outlets between March and May, which meant that the beauty and personal care specialists who dominates sales in Switzerland saw footfall stop.
Government restrictions on movement, including consumers working from home where possible, travel bans, the shutdown of entertainment and foodservice venues and the ban on social gatherings may have the strongest impact on sales in 2020. These restrictions severely curtailed consumer motivation to use or shop for super premium beauty and personal care, as there was less incentive to ‘put on a face’ due to limited social contact.
Super premium skin care is the only product group in personal luxury set to see positive value growth in 2020. In part, this is for many consumers these products are an essential part of a daily regime, but sales continue to benefit from the high levels of function and innovation that characterise premium skin care.
Sales of super premium beauty and personal care is set to return to pre-pandemic levels of spending comparatively quickly, again reflecting the fact that for many consumers these are essential products. The reopening of the economy, the return to work and the relaxation of rules on socialising should help consumption patterns recover.
There is increasing demand for products with formulas that reflect rising demand for more sustainable, greener formulations. Products that are positioned to include more natural, gentler ingredients, yet still deliver efficacy will drive demand over the forecast period.
Product development remains key to rebuilding sales, and sustaining consumer interest and price growth over the forecast period. Highly innovative manufacturers offering regular product launches and line extensions for strong brands like Chanel or Christian Dior will drive growth over the forecast period.
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This report originates from Passport, our Super Premium Beauty and Personal Care research and analysis database.
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