GET READY FOR THE “NEW NORMAL” BEAUTY INDUSTRY
It is undeniable that consumers are now shifting to a new lifestyle, also known as the "New Normal". Has your beauty business started to adapt to their changing behaviors yet?
The beauty market has been growing over the past years, and it may once again prove to be relatively resilient, even in times of crisis. Consumers still have a high demand for beauty products, since they enhance not only their physical appearance but also their self-esteem as well as help the beauty lovers to relieve the stress.
According to the Euro Monitor report, in 2019, Thailand’s beauty market worth 218,000 million baht, with the growth rate at 6.7%, which is higher than that of the global market (5.5%). The market value is projected to remain the same in 2020, only the percentage share in each beauty category alters* depending on the consumer trends. Under the current situation, consumers are leaning towards personal hygiene products, small-ticket color cosmetics items such as lipsticks, so-called the lipsticks effect. In addition, eye-cosmetic sales are foreseen to gain prominence, and anti-bacteria or pollution skincare products will take center stage.
Therefore, beauty industrialists who adapt fastest will surely gain competitive advantages. Discover beauty ideas that respond to all the latest beauty behaviours and rituals emerging in this new normal era at COSMEX, from 3-5 November 2020, BITEC Bangkok.
(*Source: Marketeer)