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.
