The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreSep 2020
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Coronavirus (COVID-19) has had an unprecedented impact on beauty and personal care, but the pandemic will benefit wellness-aligned categories, as consumers increasingly seek health attributes in beauty purchases. Pre-pandemic, e-commerce was a major growth engine, with acceleration expected as more consumers turn to digital platforms and contactless shopping due to the pandemic. Longer-term, retailers will need to reinvent in-store experiences and product curation, as physical shopping remains t
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Global beauty and personal care recorded 1.9% constant value growth in 2019, down from 2.0% in 2018. The global beauty and personal care industry is expected to see a 1.9% decline in 2020 in constant terms, with falling sales across all regions except Asia Pacific and Australasia, which are expected to recover from the pandemic ahead of other regions.
Store-based retailing remained the dominant channel for global beauty and personal care retail value sales in 2019; however, it lost share to e-commerce. E-commerce benefited from growing digital purchases, especially in Asia Pacific and North America, as higher rates of internet penetration and access drove consumers to spend more time online.
The shift to digital was already a vital strategy for retailers prior to COVID-19, and the pandemic has further accelerated this trend. Beauty specialist retailers are enhancing consumer engagement through digital platforms due to home seclusion and the consumer preference for no-contact shopping. Retailers will need to refocus on reaching out through new platforms for engagement, including immersive technologies such as virtual beauty tutorials and AR integrated make-up trials to mirror the lost retail experience from temporary store closures.
In-store beauty purchases have become transactional, with no prolonged in-store browsing or sampling. Retailers are operating at limited capacity as the economy opens, with new policies and guidelines in place, and are therefore adapting and experimenting with in-store or curbside pick-up options.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.