Recession forces professional skin care growth into decline
Change in consumer spending patterns hits sector
The global professional skin care market showed signs of slowing in 2009, following several years of strong growth, according to a new survey by Kline.
The Professional Skin Care 2009 Global Series: Market Analysis and Opportunities found that Europe and the US posted a substantial declines, however the exception came from the BRIC countries, with Brazil posting an impressive11.1% growth.
“The recession’s impact in Europe and the United States resulted in a change in spending patterns, a decline in the frequency of visits to spas and physician’s offices and a shift to lower priced brands,” explained Karen Doskow, industry manager, Kline. “But even in the face of a gloomy economy, industry leaders fought back with a healthy flow of product launches. Products that were unique, multi-tasking or offering dual benefits certainly stood out for the recession stricken consumer.”
According to the report, anti-ageing products still represented the largest sector within the professional skin care market, accounting for 41.1% in the US and almost 50% of sales in Europe and Brazil. Skin whitening was the most popular format in China and Japan, while anti-cellulite products also proved popular in Europe and Brazil.
Within retail channels, spas posted a significant 86.2% hike in Brazil, while in Europe and the US, medical care providers remained the largest channel despite posting a decline.
Looking forward, Kline predicts the professional skin care industry will recover, with the US predicted to grow by a CAGR of 5.6% a year by 2014.
