- Europe has the third largest beauty and personal care sales market globally , reaching US$138 billion sales in 2023
- Skin care is the clear leader among the categories in Europe, accounting for almost a quarter of overall retail value sales
- UK is the second largest beauty and personal care market behind Germany in Western Europe, reaching US$1shi8.7 billion sales in 2023, growth of 7.4% on the previous year
London, UK – Despite continued increases in the price of goods and services, consumers proved willing to maintain spending habits on beauty and personal care products, according to data analytics company Euromonitor International.
The increasing demand for natural ingredients and multifunctional products, reflects a shift towards more sustainable and health-conscious choices, while the growing popularity of ‘dupes’ and TikTok influencers, are reshaping the beauty landscape and propelling sales of ‘hero’ products.
Consumers are adopting new financial or lifestyle tricks to make the most of their income. According to Euromonitor International’s Voice of the Consumer: Lifestyles Survey for 2023, 44% of global consumers planned to save more money in 2024.
TikTok and ‘Dupe’ Products gaining momentum in the UK
Social media platforms such as TikTok are emerging as significant e-commerce channels for purchases of beauty products, building on its original position as a source of inspiration. According to Euromonitor International’s Digital Consumer Survey for 2024, 43% of global consumers have made purchases of beauty, personal and healthcare items via livestreaming in 2024.
TikTok’s influence on consumers’ purchasing decisions has grown exponentially since its launch, with consumers being able to find relatable creators and communities more easily.
“TikTok is becoming increasingly important in popularising products in the UK, particularly in categories such as colour cosmetics, skin care and hair care. The algorithm allows consumers to engage with like-minded creators and consumers, who are perceived as providing authentic product reviews,” explained Emilie Hood, Consultant for Beauty and Personal Care at Euromonitor International.
With the increasing costs of beauty and personal care products and rising awareness of ingredients and formulations, ‘dupe’ products are also gaining popularity in the UK, as consumers strive to keep up with trends and indulge without the premium price tag.
Hood said: “Rather than simply trading down or cutting spending, consumers are being clever and pursuing lifestyle tricks to help make most of their money, with TikTok becoming a leading influence on flash trends and dupe products.”
In the beauty space, consumers are becoming ‘skintellectuals’
Euromonitor has identified ingredient-led beauty as one of the top five trends to influence beauty and personal care in 2023. Beauty consumers are continuously searching for newness and innovation, spending more time researching products online and becoming ‘skintellectuals’.
Although Gen Z and Millennials are driving this trend, beauty consumers of all ages are craving authenticity and thus storytelling is gravitating towards traditional ingredients well known in beauty cultures.
Hood said: “Ingredient-led beauty focuses on the benefits of specific ingredients and enables consumers to understand and find actives that will treat or prevent their specific skin concerns, leading to a more personalised and targeted skin care routine.
“The rising priority of health and wellness has led consumers to dig into ingredients coming from traditional Chinese medicine and Ayurveda as consumers crave authenticity and efficacy.”
According to Euromonitor International’s Voice of the consumer: Beauty Survey for 2023, in Europe 23% of skin care consumers looked for natural or organic ingredients in products.
Blurring of category definitions and increasing demand for multifunctional products
The blurring of category definitions and increasing demand for multifunctional products is especially seen in skin care, sun protection and colour cosmetics. As cost-effective, time-saving options, products offering multi-benefits are gaining traction as consumers prioritise skin health and ease of use, as they revert to busy pre-COVID routines.
Heightened demand for clinically-positioned beauty presents an opportunity within the multi-functional space with products like sun care and deodorants, seeing ‘skinified’ - the adoption of skin care traits in non-skincare products - formulas providing more than traditional claims.
Dermocosmetics outperformed the industry growing 13% globally in 2023, and are at an all-time value high due to the association with efficacy and focus on both prevention and solutions.
“Consumers are embracing healthier lifestyles with greater focus on self-care and prevention. The active pursuit of holistic wellness extends beyond physical health to incorporate mental and emotional wellbeing,” Hood added.
For more insights on beauty and personal care, see Euromonitor International’s report World Market for Beauty and Personal Care 2024.
Note to the editors:
- Beauty and personal care sales reached USD570.1 billion globally in 2023, growing 3% in 2023 in constant terms. Skin care and colour cosmetics sales recorded USD159.3 billion and 8 billion, respectively in 2023.
- Skin care made up almost a quarter of beauty and personal care’s absolute value gains in 2023. Growth in 2023 was driven by heightened demand in dermocosmetics, premiumisation in body care and product variety shifting towards multifunctionality.
- Health and beauty specialists accounted for 30% of beauty and personal care sales globally, and e-commerce accounts for a fifth of sales in 2023, having grown 9% in 2023 and the year prior.
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About Euromonitor International
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