Prestige beauty market defies recession
The UK prestige beauty market grew 9.4% to £1.7bn in 2011, buoyed by burgeoning fragrance sales, according to new research by The NPD Group. The fragrance sector was the largest and fastest growing sector, according to the research company, up 10.7% to £815m, compared to 2010 figures. There were also positive gains for the premium make-up sector, up 8.5% to £437m and skin care, which reached £445m, a growth of 8.2% in 2011.
The growth has been mainly attributed to a string of successful premium fragrance launches, such as Jimmy Choo’s first feminine scent, along with new approaches from manufacturers.
“In 2011 some manufacturers tried a new approach, launching fragrances at the start of the year to maximise share of voice and sales opportunities in what is a quieter time for the sector,” explained June Jensen, director of The NPD Group’s UK beauty team. “High-end fashion brands are increasingly moving into the premium beauty market allowing consumers to indulge in affordable luxury. While not everyone is lucky enough to be able to afford a pair of Jimmy Choo shoes, being able to own the fragrance gives consumers the chance to own a part of the luxury brand.”