According to research recently released, the Beauty Industry has seen a value rise of 5.2% year on year.
Research firm NPD Group found that female consumers are looking more and more for multi-tasking products. Figures show an 80% growth in the cream foundation sector, which fuses make-up with skin nourishing products.
Results for the year to March 2012 revealed a 2.1% rise in sales for the overall market, with make-up accounting for 33% of total prestige beauty sales. This represents a 7.2 % increase in value year-on-year, the result of an increase in the volume of sales, up 4.2%.
“Multi-tasking make-up from brands such as Clinique, Bobbi Brown, Benefit and Laura Mercier mean that women do not just match their skin tone when they buy, but their skin type as well,” explained June Jensen, Director of NPD Group’s UK Beauty team. “That is why we have seen strong growth of a 9% and 13% respectively for those segments year-on-year.”
With dual benefit items seeing an increase in popularity, perfume sales are suffering significantly in a difficult market. Despite a growth of 3% year-on-year, sales for women’s fragrances have fallen 0.3% over the same period.
This decrease in sales volume is blamed on the fact that fewer products were released onto the market in the last 12 months with newly launched fragrances year-on-year declining by 24.9% for women and 19.4% for men. Whilst this may be discouraging news for some it was noted that in 2012 the health and beauty industry would be able to recover quickly from these setbacks.
Jensen again comments on market results for last year, saying: “2011’s strong performance should reassure the industry that the consumer loves beauty, wants beauty and feels a need for beauty – however tough the economic environment might be.”
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Call one of our experiences Hair and Beauty Insurance specialists today for a quote.