Consumers are spending more than ever on looking good according to a new report from Euromonitor International. The findings of “Spending choices: Discretionary Income Patterns to 2015” reveals that the consumer goods industries, in particular those associated with image and health are enjoying a boom in sales as consumers are using a greater share of their income on perfumes, colour cosmetics, skin care and health and wellness products.
The luxury sector must be highlighted as the main beneficiary of this trend, with an increase in value sales of more than 45% in the last six years, according to Euromonitor. The reason for such an increase is linked to economic factors and rising health consciousness, as well as an increase in credit levels, which has led to less cautious consumer spending behaviour, according to Euromonitor.
The current trends for a more holistic approach to looking after your body has also helped fuel growth, with consumers choosing to spend cash on products with health-enhancing qualities, at the expense of items previously considered to be essential. As a result, Euromonitor has identified the health and wellness sector as a key driver for consumer markets in the 21st century.
Looking ahead, the trends analyst predicts that consumer markets will remain dynamic until 2015, with the strongest growth coming form emerging markets such as India and China. It predicts that the global spend on discretionary products will reach US$3.1 trillion by 2020, underlining the huge potential these sector still possess.