In response to the COVID-19 pandemic in 2020, super premium beauty and personal care will continue to perform well and will only see very minute slowed growth. Although the Taiwanese government has not implemented lockdown, socialising in Taiwan has drastically decreased as consumers have been spending more time at home as to prevent possible contagion of the virus.
Super premium skin care will see impressive growth in 2020 in response to the pandemic, being the only product area within super premium am beauty and personal care to see increased growth rates compared to 2019. As consumers have been spending more time at home in 2020 as to reduce the risk of contracting the virus, many have taken this as an opportunity to focus on their overall health.
Christian Dior remained leading brand within super premium beauty and personal care in Taiwan in 2019, benefiting in particular from rising demand for super premium fragrances among female consumers. Growth is also supported by a strong luxury brand image and wide product portfolio, including within the highly dynamic fragrance and colour cosmetics categories.
After seeing slight slowed growth in 2020 in response to the pandemic, super premium beauty and personal care will rebound in 2020 and then show consistent growth over the duration of the forecast period. As the consumer base of this product area is made up of more affluent consumers with larger disposable incomes, they will be less impacted by the ongoing financial repercussions of the pandemic and will therefore be able to continue affording luxury products.
E-commerce is anticipated to gather pace over the forecast period as consumers discover how convenient and easy it is to shop via this channel. Similarly, online pop-up stores are also expected to become more common, with many brands offering limited edition products and promotions in order to attract new consumers.
Over the forecast period, the competitive landscape is set to intensify as players from other product areas within luxury goods focus on broadening their portfolios to include super premium beauty and personal care. An example of this is the leading player Hermès that has announced it will enter the luxury colour cosmetic arena soon.
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Understand the latest market trends and future growth opportunities for the Super 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.
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.
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This report originates from Passport, our Super Premium Beauty and Personal Care research and analysis database.
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