Thanks to e-commerce
facilities, the luxury beauty market is on the way to recovery despite the
ramifications of the coronavirus pandemic. Indeed, more people are now
purchasing cosmetics, perfumes and skincare products on the Web.
The Covid-19 pandemic has led to lockdowns happening in many
countries across the world and this has, as expected, affected the retail
sector, including the prestige beauty
area. In 2020, Euromonitor International predicted that there will be a decline
of 18% in the global luxury goods market. This involved beauty items and
fragrances as well. However, the market research company NPD Group has recently
conducted a study which reveals that the most important beauty markets in
Europe are showing signs of recovery.
In the first half of 2020, the UK
saw a drop of 37% in sales with regard to this particular sector. Nonetheless,
by the end of October, there was a rise in transactions covering skin care,
body care, makeup, fragrance and men’s grooming products. The total recorded
reached €543.9m.
According to the NPD Group,
a huge part of this increase could be attributed to the fact that brands have moved
online. As from January to the end of October 2020, e-commerce accounted for
41% of total prestige
beauty sales. In 2019, only 21% was recorded for the same period.
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