What makes premium cosmetic market a luxury market?
Consumer preference is evolving from traditional or
mass-produced cosmetics to premium cosmetics as they become more aware of
premium ingredients and their beneficial effects on the skin. Premium cosmetics
are likely to be popular for problems such age spots, acne, and pigmentation,
which will help the market grow. In addition, the demand for active substances
and products with proven efficacy is increasing. Brand identity, product
safety, and pricing are all factors that influence consumer preference for
imported and branded cosmetics. In the near future, the availability of a wide
range of products, together with increased disposable income, is expected to
boost market expansion.
The premium
cosmetics market is growing due to rising demand for anti-aging treatments
and long-lasting makeup. Demand is also being boosted by the growing popularity
of mini-sized cosmetics among consumers. One of the primary development drivers
for the industry is the rising demand for cosmetics among males. In addition,
product variety, such as gender-neutral and high-end cosmetics for males, is
increasing. The expansion of the men's grooming sector is also fueling demand
for high-end cosmetics designed specifically for males. This element is also
expected to provide growth prospects for brands that specialise in men's
cosmetics.
Digitalization is one of the most important factors
influencing the premium cosmetics market's growth. The increasing use of social
media and the internet as a means of spreading brand awareness is a big factor.
Consumer demand for personalisation in cosmetics is growing, aided by the
abundance of information available online. For example, Face Gym, a European
brand, established the Make it Bar in 2017, where customers can come to the
studio and, with the help of professionals, build their own face serums that
are tailored to their specific needs and lifestyle. New entrants should be able
to grow as a result of innovation. The prevalence of counterfeit products, on
the other hand, is a big impediment to expansion.
Over the forecast period, makeup is expected to grow at the
fastest rate of 8.1 percent. Increased demand for organic and natural colour
cosmetics to avoid skin infection and irritation is credited for the market's
growth. The emergence of waterproof and sweatproof makeup products designed
specifically for hot and humid weather conditions is also driving rising demand
for high-end cosmetics.
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