Buoyed by rising disposable incomes and discretionary spending approaching the levels similar to those enjoyed by their Western counterparts, Eastern European consumers drove steady growth in the beauty and personal care industry over the last few years. The pandemic, geopolitical shocks such as the war in Ukraine and the consequent inflation surge – none of them managed to derail continuous expansion of sales. Even the exorbitant price increases did not stop consumers moving towards more sophisticated products rather than trading down or reducing usage occasions.
The beauty and personal care industry outperformed expectations for 2023, driven by both mass and premium segments, steady growth in key beauty-centric categories, premiumisation in personal care categories, and growing consumer confidence. Euromonitor International takes a deeper look at four key trends that are adding value for consumers and impacting beauty consumption.
Underpinned by rising wellness demand, menstrual care has witnessed a consumer shift towards holistic self-care in recent years, with products and services offering security and comfort across targeted use occasions gaining favour.
Today’s male beauty consumers are informed and sophisticated, bolstered by dynamic sociocultural influences that are transforming gendered beauty norms. Self-care narratives driven by a digital pulse in social media education are encouraging more men to invest in and expand their skincare routines. As younger generations lead the push to normalise skincare practices for men, companies will need to continue brand-building online to reach an increasingly digital male consumer.
After re-evaluating their priorities during the pandemic, consumers continue to invest in taking care of themselves; both their bodies and minds. This impacts the way they consume and the products they use, opening new opportunities for brands that innovate and release products and services promoting body positivity, sustainability and simplicity that create a feeling of comfort and enhance the mood.
Asia Pacific accounts for 32% of the global beauty and personal care market, as of 2023. Within the region, the top four markets – China, Japan, India, and South Korea – each exhibit unique developmental trajectories. However, they also share notable commonalities and trends that can serve as references for each other. Three key trends identified across all four markets for 2024 are value hacking, polarisation, and population change.