Skincare has long been the core of the beauty industry - a fact that looks set to strengthen if the predictions made by Euromonitor International are anything to go by. The market research company predicts that one third of global beauty sales will be attributed to skincare by the year 2019.
The company’s latest data reports the global beauty industry generated $US465 billion in 2014. Skincare was the largest segment within these earnings, with its sales projected to reach more than $US130 billion by the time 2019 arrives. This is in comparison to the 23 per cent of sales skincare made between 2009 and 2014.
“Of all beauty segments, consumers continue to spend most on skincare items at $US15 per person annually, compared to $US10 for hair care and $US7 for colour cosmetics,” explains Euromonitor International head of beauty and personal care Irina Barbalova.
Barbalova believes that the surge in skincare purchase is a result of continued product diversification and innovation: “Consumers want to experience more with their products, and innovation can create a unique experience worth paying for as well as creating brand loyalty.”
