UK consumers are biggest C&T spenders in the EU
The British spent more per person on health and beauty products than any other EU country in 2007, according to a new report from Verdict Research. Carol Ratcliffe, co-author of European Health & Beauty Retailers 2008, commented: “The average UK consumer spends €375 a year on health and beauty products – far more than most of our European neighbours. We spend almost 50% more each year than the Spanish for example, and 43% more than the average European.”
The British spent more per person on health and beauty products than any other EU country in 2007, according to a new report from Verdict Research. Carol Ratcliffe, co-author of European Health & Beauty Retailers 2008, commented: “The average UK consumer spends €375 a year on health and beauty products – far more than most of our European neighbours. We spend almost 50% more each year than the Spanish for example, and 43% more than the average European.”
The UK was the second largest health and beauty market in the EU in 2007, exceeded only by Germany. The report attributed the UK consumer’s high level of spending to three factors: easy access to a wide selection of products, a strong appetite for innovative items and a move towards more premium products.
British retailers, however, failed to make a significant impact on mainland Europe. Of the EU’s top six health and beauty retailers, only Alliance Boots hailed from the UK. In comparison, Hong Kong-based A.S.Watson dominated the market with an estimated 5.3% share while German retailers took four of the six top spots.
Verdict also found the fastest growing health and beauty markets in the EU to be Romania, Estonia and Latvia, which attracted major investment because of their high growth rates and future growth potential. Spanish category expenditure increased by almost a third between 2002 and 2007 making it the fastest growing major EU market. This was due to strong economic growth with Spanish GDP rising 44% over the same period.