While registering declining sales in 2020, super premium beauty and personal care overall proved comparatively resilient in the face of the COVID-19 pandemic relative to other categories of luxury goods. Skin care, body care and hair care were the most resilient, with many luxury brands offering free online skin and beauty consultation owing to store closures.
Depreciation of the Turkish lira in 2020 led to an average rise of 20 to 25% in the prices of super premium beauty and personal care items. Faced with a reliance on domestic expenditure during the country’s lockdown, many brands and retailers sought to retain sales from domestic customers by running short online discount campaigns.
Paco was the leading brand within a highly fragmented super premium beauty and personal care landscape in 2019, with Chanel a very close second. Yöntem Kozmetik AS (GBO: Puig SL) was the leading national brand owner, holding brands such as Paco, Carolina Herrera, Prada and Jean Paul Gaultier.
Super premium beauty and personal care is expected to see low negative retail value growth at constant 2020 prices until around 2022, with most categories set to experience marginal negative average growth over the forecast period. While super premium fragrances, as the key driver of sales in the category, is set to return to marginal average growth, sales of other super premium beauty and personal care is set to remain subdued.
Counterfeit products are expected to remain a challenge to sales of super premium beauty and personal care products over the forecast period, notably with regard to sales via the burgeoning e-commerce channel. Certain e-commerce sites that claim to sell original premium beauty products are actually selling counterfeit perfumes, adversely affecting both consumer confidence and players’ bottom lines.
Ongoing fluctuations in foreign exchange are likely to have an impact on the pricing strategies of super premium beauty and personal care players over the forecast period, with some manufacturers and retailers likely to refrain from fully passing on cost increases to consumers. At the same time, technology is likely to play an increasingly important role.
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Understand the latest market trends and future growth opportunities for the Super Premium Beauty and Personal Care industry in Turkey 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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