After several tumultuous months and a health crisis that is not yet over, the beauty industry is strongly impacted. In order to see how the coronavirus has changed the situation, Euromonitor took stock of the situation and also presented, during a webinar on October 6, 2020, its predictions on a short-term future.
Like several sectors, the cosmetics industry has experienced a certain slowdown. According to Povilas Sugintas, consultant at Euromonitor, “some categories have suffered much more from the pandemic and containment. This is the case of perfumes, deodorants or hair dyes. On the other hand, products for the bath, facial care or hair care have increased in penetration rate.”
New consumer habits
With containment, consumers have learned to take care of themselves at home and especially to be careful with their expenses. Euromonitor questioned its panel in order to know if certain habits taken during this period are likely to last once the health crisis is over.
Among the behaviors that are likely to extend over time are :
• An increase in the use of wellness-related products, to 40% • Almost exclusive use of online shopping, at 55%
However, 60% of the panel surveyed by the trend consultancy said that reducing their beauty budget is only a temporary measure, which is good news for brands.
“Be careful though,” warned Povilas Sugintas. “If e-commerce can contain the hemorrhage, it will not be able to heal the wound either,” In other words, the professionals of the sector will have to succeed in restarting …
