04 30 2015 global beauty report - deborah weinswig · 2015. 5. 1. · deborah weinswig executive...
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D E B O R A H W E I N S W I G E x e c u t i v e D i r e c t o r – H e a d o f G l o b a l R e t a i l & T e c h n o l o g y F u n g B u s i n e s s I n t e l l i g e n c e C e n t r e d e b o r a h w e i n s w i g @ f u n g 1 9 3 7 . c o m N e w Y o r k : 6 4 6 . 8 3 9 . 7 0 1 7
04 • 30 • 2015
GLOBAL BEAUTY REPORT
• A $400 billion market.
• Big differences in per-capita spend reflect different stages of development.
• An extra $300 billion up for grabs by pulling up per-capita spending.
• A market focused around big global brands at the product level.
• Retail is more fragmented and complex, with opportunities for development and, in some markets, consolidation.
2 2 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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April 30, 2015
Executive Summary
Globally, shoppers upped their spending on beauty products by 3.6% in 2014, with the increase driven primarily by the Asia-‐Pacific, Latin America, and Middle East & Africa regions. This brought global beauty sales to within a whisker of $400 billion, a threshold that will almost certainly be broken this year. But growth this year will be clouded by recession in Russia, the ongoing possibility of a “Grexit” (Greek exit from the euro), which could destabilize Europe, and lower economic growth in China. The counter to these is strengthening economic growth in the US.
FBIC has identified three stages of maturity in regional beauty markets. Mature markets (North America and Western Europe) see high per-‐capita spending; developing markets (Latin America and Eastern Europe) are marked by lower per-‐capita spending; and nascent markets (the Middle East & Africa and Asia-‐Pacific regions, with some exceptions, such as Japan and South Korea) see very low per-‐capita spending, and so have great development potential. Mature markets are typically turning in lower growth than developing and nascent markets are, although the picture in developing Eastern Europe has been complicated by recession in some countries.
The global market is likely set for massive growth over the medium to long term. If each of the developing and nascent regions can be pulled up by one notch (i.e., to the per-‐capita spending level of the next region up from it), then more than $300 billion in extra sales could be gained annually.
Global brands dominate the market. In most regions, the top 10 brand owners account for more than half of all spending on beauty and personal care (BPC) products. Yet at retail level, the picture is more fragmented, with spending splintering to different sectors and, in some regions, relatively small players.
In less mature regional markets, we expect to see consolidation in the specialist retail sector as big chains come to dominate, and we foresee channel switching among shoppers as sectors such as grocery modernize and shift to larger formats that incorporate more beauty lines. In more mature markets, we anticipate Internet retailing, including online pure plays and beauty subscription services, to further destabilize established consumption patterns. We also expect discount and off-‐price offerings to continue to shake up established routines and disrupt channels.
FBIC thinks that retailers must focus on the shopping experience to retain and build share. More than price or efficacy, the beauty category is fundamentally about experience. Those retailers that can deliver the best experience to their customers stand the strongest chance of winning.
2014 GLOBAL SPENDING ON
BEAUTY
+3.6%
3 3 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Global Overview The Market—Set for $400 Billion in Sales
The global beauty products market is on the cusp of reaching $400 billion in annual sales, we estimate. That’s after 3.6% global growth in 2014, which was driven by the Asia-‐Pacific, Middle East & Africa, and Latin America regions.
Relatively modest global growth of 3.5% in 2015 would take the market to $413 billion this year, though there are some important factors to consider with regard to this forecast:
• Drags this year will include recession in Russia and slowing economic growth in China.
• It’s also still possible that a Grexit will hit European consumer spending later in 2015.
• More positively, the US is set for stronger economic output and retail growth this year.
Figure 1. Estimated Global Beauty Products Market Size: 2005–2014
Market size at retail selling prices. Consists of skincare, haircare, makeup, fragrances and hygiene products. Excludes soaps, oral hygiene, razors and blades.
Source: L’Oréal/FBIC Global Retail & Technology analysis and estimates
By absolute size, the Asia-‐Pacific region is comfortably the biggest market by virtue of its large population.
According to L’Oréal, “new markets,” which include most Asia-‐Pacific countries, the Middle East & Africa, Latin America, and Eastern Europe, contributed fully 80% of total growth in the global beauty market in 2014. That’s a surge of $11 billion in retail sales in one year from these regions.
However, we suspect that Eastern Europe was dragged down by the Russian crisis in 2014, and that it will be again in 2015, given the onset of the Russian recession.
266 282
323
356 341 339
371 359
385 399
200
250
300
350
400
450
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$ Billion
s
4 4 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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April 30, 2015
Figure 2. Global Beauty Products Market, by Region: 2014
Region Spending Share of the Global Market $ Billions % Asia-‐Pacific 138.5 34.7
Western Europe 87.0 21.8
North America 83.4 20.9
Latin America 49.9 12.5
Eastern Europe 29.1 7.3
Middle East & Africa 11.2 2.8
Global Total 399.1 100.0
Source: L’Oréal/FBIC Global Retail & Technology analysis and estimates
Spending per capita is the real indicator of market development. Based on this metric, FBIC has identified three segments for regional beauty markets:
• Mature markets are dominated by North America and Western Europe, where average beauty spend is already high.
• Developing markets are regions that have already grown substantially and are “halfway there” on average beauty spend.
• Nascent markets include Africa and much of the Asia-‐Pacific region.
The regions charted below include some notable exceptions: Japan and South Korea, for instance, can hardly be called nascent markets for beauty products, and few would be optimistic about the short-‐term prospects for recession-‐hit Russia in the developing segment.
Figure 3. Per-‐Capita Beauty Product Spend, by Region: 2014
8
34
81
89
177
235
55
0 50 100 150 200 250
Middle East & Africa
Asia-‐Pacific
Lain America
Eastern Europe
Western Europe
North America
World
$
Mature:
Emerging:
Developing:
Source: L’Oréal/FBIC Global Retail & Technology analysis
5 5 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Mature markets are typically turning in the lowest growth of the three segments, although the Eastern European picture has been complicated by extended recessions in Hungary and the Czech Republic as well as by the inclusion of Russia (which has lately entered recession).
Figure 4. YoY Growth in Beauty Market Size, by Region: 2013
A $300 Billion Opportunity
There’s much more to be gained in the global beauty market, and huge value in pulling up average spend levels in the trailing markets.
• Bringing the Asia-‐Pacific per-‐capita spend up to the level of Latin America and simultaneously pulling the typical Middle East & Africa spend up to the current level in the Asia-‐Pacific region would add an extra $223 billion to the global beauty market size.
• And growing per-‐capita spend in Eastern Europe and Latin America to the level of Western Europe would add a further $88 billion to the global market.
This certainly won’t happen overnight, but there’s little doubt that we’ll eventually see growth on this scale. Notably, L’Oréal forecasts a 50% increase in the global population with access to cosmetics over the next 20 years.
Global Brands but Local Retailing
The global BPC market is made up of contrasting halves: typically, we see big, global brands supply to more fragmented, country-‐specific retailers. The biggest brand owners, such as P&G, L’Oréal and Estée Lauder, dominate at product level.
In most regions, the top 10 BPC brand owners account for more than half of total BPC sales.
6.5
4.5
11.0
2.3
0.3
2.6
3.6
0.0 2.0 4.0 6.0 8.0 10.0 12.0
Middle East & Africa
Asia-‐Pacific
Lain America
Eastern Europe
Western Europe
North America
World
%
Mature:
Nascent:
Developing:
2013 data are latest available. Source: L’Oréal
6 6 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Figure 5. Top 10 BPC Companies’ Share of Market, by Region: 2014
However, at retail level, there’s a much more complex picture than the big brand owners’ dominance may suggest. BPC sales fragment to different types of retailers: nonspecialists such as grocers are strong in this market. And these channel shares splinter to numerous individual retail groups, which, in some countries, include a large body of independent traders and traditional formats.
Typically, grocery retailers and BPC specialist retailers vie for dominance, but the picture is diverse. We illustrate this below by picking out three significant channels for each region: grocery retailers, BPC specialists and Internet pure plays.
Figure 6. Selected Distribution Channels’ Share of BPC Sales, and Leading BPC Retail Channel, by Region: 2014
*Includes Australasia and the Middle East & Africa as well as regions charted above. Source: Euromonitor/FBIC Global Retail & Technology analysis
43.9
56.5
57.2
60.5
61.6
47.3
0 10 20 30 40 50 60 70
Asia-‐Pacific
Eastern Europe
Western Europe
North America
Lain America
World Total*
%
0 20 40 60 80 100
Asia-‐Pacific
Eastern Europe
Western Europe
North America
Lain America
World*
%
Grocery Retailers BPC Specialists Internet Pure Plays
Grocery
Grocery
BPC Specialists
Leading BPC Retail Channel:
Grocery
BPC Specialists
BPC Specialists
*Includes Australasia and the Middle East & Africa as well as regions charted above. Source: Euromonitor/FBIC Global Retail & Technology analysis
7 7 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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The type of retailer that dominates within each channel varies by market, from independent, neighborhood specialist stores to big names such as Walmart, Walgreens and Amazon. This means there’s greater scope for development and concentration in the distribution networks than there is at the brand-‐dominated product level.
World’s Biggest Specialist Retailers The world’s top specialist retailers include big, hybrid BPC-‐pharmacy retailers such as CVS Caremark, Rite Aid and Alliance Boots. These retailers generate substantial revenue from healthcare, but they’re also major channels for big-‐name BPC lines.
Hinting at the opportunities for global consolidation in a sector that remains largely divided along national lines, Walgreens and Alliance Boots completed their merger at the end of 2014. The new Walgreens Boots Alliance will see annual revenues of around $116 billion, more than double those of its nearest specialist competitor.
Hutchison Whampoa is the biggest specialist that focuses on beauty over health. It operates under a collection of drugstore and beauty fascias such as Superdrug, The Perfume Shop, Kruidvat, Trekpleister and Watsons.
Other big-‐name global beauty specialists include Sephora (owned by LVMH), estimated by FBIC to have had sales of a little over $5 billion in 2014, and The Body Shop (owned by L’Oréal), which turned in revenues of $1.2 billion in 2014.
Figure 7. Retail Sales by Top Health and Beauty Specialists: 2014 and 2013
14.4
25.5
36.6
65.6
72.2
15.6
26.5
39.5
67.8
76.4
0 10 20 30 40 50 60 70 80
Hutchison Whampoa**
Rite Aid
Alliance Boots*
CVS Caremark
Walgreens
$ Billions
2014 2013
*2014 data are estimated.
**2014 data are estimated. Excludes the perfumery chain Marionnaud, which Hutchison Whampoa moved into a separate division pending possible divestiture.
Source: Company reports/FBIC Global Retail & Technology analysis and estimates
8 8 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Corralling the New Consumer in Nascent and Emerging Markets The BPC Pyramid
Fast-‐growing nascent and developing markets such as Latin America and the Asia-‐Pacific region are typically characterized by fragmented retail channels that complicate the link between big global brands and fast-‐growing consumer spending.
The market takes a pyramid shape: big brands are still strong while the flabby middle segment—retail—is pinched as consolidation progresses and a profusion of independents are replaced by large-‐scale modern chains.
This means there’s opportunity for retailers to drive concentration and win share. In the
meantime, brands will work harder to reach consumers.
Brands Innovating to Reach the New Customer
In markets with less developed retail sectors, the beauty brands are leading the charge. Companies such as Unilever and L’Oréal are putting in the legwork to reach consumers by:
• Adapting product. Smaller pack sizes are one way in which fast-‐moving-‐consumer-‐goods behemoths, including Unilever, are making their products affordable in developing markets such as India, Indonesia and the Philippines. Meanwhile, L’Oréal is among those making acquisitions to cater to local tastes. In 2014, the company purchased the Magic facial masks brand in China, where it says masks are an essential beauty category.
• Changing marketing. Direct sales is a channel that Unilever is leveraging to target consumers in hard-‐to-‐reach rural India and that Coty (via Avon) is using to capture Brazilian shoppers. Both are markets where the specialist, multibrand BPC chains seen in Western markets are scarce.
• Offering different online propositions. Mobile connectivity is often the principal means of accessing the web in less developed economies, so we’re seeing brand activity such as Estée Lauder’s launch of around 50 regionalized, mobile-‐optimized websites in 2014.
Retail Consolidation Results in National Chains
Consolidation of the retail sector is inevitable in nascent and developing markets. This will be driven by international retail chains as well as by big domestic retailers.
9 9 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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We’re already seeing Western retailers push into growing markets:
• The Body Shop took a majority stake in Brazil’s Emporio Body Store at the end of 2013 and has since been expanding quickly in the country.
• Yves Rocher opened its first Brazilian store in late 2013 and has also been expanding in the country since then.
• Alliance Boots entered Mexico and Chile through its acquisition of the Farmacias Ahumada chain, and it acquired a wholesaler in China to bolster its presence there.
• In 2014, Sephora opened a flagship store in Dubai, entered the Indonesian market and reported “remarkable performances” in the Middle East and Asia. This came after Sephora raised its stake in the Ile de Beauté chain in Russia in 2013 and acquired Internet pure play Sack’s to expand in Brazil back in 2010.
We expect to see more acquisitions and market entries from top retail chains seeking to tap high-‐growth markets such as Latin America and the Asia-‐Pacific region.
Winning in Immature Markets
Modern store formats and strong own-‐brand lines will be among the principal weapons in the battle to win share in immature markets. Small mom-‐and-‐pop retailers will struggle to compete on these elements.
But we think retailers should consider going further than that, by leveraging e-‐commerce, technology and the in-‐store experience to win customer loyalty and build market share.
• E-‐commerce: Big global chains are in the strongest position to establish first-‐mover advantages in Internet retailing of beauty products and establish themselves as the default choice online. This is particularly true in Eastern Europe and Latin America, where online shopping levels are currently low, providing international players with ample opportunity to cultivate the channel.
• Tech: International retailers can go further with regard to improving the store experience via tech. For example, they can cater to smartphone-‐equipped shoppers with beacons that push customized offers and advice and provide experience-‐enhancing tech such as magic mirrors that allow shoppers to virtually try on makeup. We think these kinds of tech offerings could fit particularly well with the aspirational, mall-‐based shopping habits of urban Latin Americans and with tech-‐savvy Asian consumers.
• Services: Retailers should consider bringing beauty services in-‐store. In Brazil, for instance, there is huge demand for salon services, but specialist beauty stores are underrepresented—so the popularity of one could bolster demand for the other. And in some markets, in-‐store services or demonstrations could introduce less experienced shoppers to cutting-‐edge beauty products and methods.
• Apps: In all regions, larger retailers should use their scale to offer apps that cater to the booming population of smartphone and tablet owners. M-‐commerce, beauty content and smart features such as skin-‐tone detection and at-‐home magic mirrors offer a way to build connections in a market where brand experience and emotional connection are important.
10 10 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Shoppers “Escaping the Funnel” in Mature Markets The BPC Wedge
Mature markets such as the US and Western Europe have well-‐consolidated beauty retail sectors that are focused around big BPC specialist chains and broad-‐range grocery stores. So, the structure is one of big brands funneling through large retailers to a lower-‐growth consumer market. The scale of the retailers means they have more heft against the big brands, and they can offer stronger private labels that compete with the top names. The newly formed Walgreens Boots Alliance is the latest example of building scale in well-‐developed markets.
But as e-‐commerce booms and alternative business models take off, there is a renewed threat of spend fragmenting away from the big chains. And this is in the context of lower growth.
The threat in mature markets is one of changing consumer behavior hitting established retailers—of consumers “escaping the funnel” of big chains.
Mature Markets Seeing Consumer Shifts FBIC has identified the following disruptions to established patterns of consumption in mature markets:
• Internet pure plays. Online-‐only retailers range from generalists such as Amazon Luxury Beauty to specialists such as feelunique to apparel-‐focused pure plays such as ASOS, and they’re chipping away at the share taken by store-‐based retailers.
• Subscription models. Functional services such as Amazon’s Subscribe & Save and Tesco Subscriptions offer convenience for shoppers making routine, habitual purchases. Meanwhile, beauty boxes offered by Birchbox and feelunique provide beauty enthusiasts with the opportunity to discover new products.
• Budget stores and off-‐price retail. BPC products are at the heart of the fast-‐growing dollar stores, pound shops and euro store chains that are competing aggressively on price with grocery retailers and specialists in the category. We see potential for more off-‐price beauty retail, given the off-‐price boom in apparel under fascias such as T.J.Maxx/T.K.Maxx.
• Grocery discounters. No-‐frills discounters such as Aldi and Lidl are quickly taking share from full-‐range grocery retailers in the UK, the US, Italy and Australia. These discount stores stock almost no branded lines in BPC, and choice is very limited. So, as more shoppers turn to these stores for their groceries, we expect to see an increase in “top-‐up” BPC shopping. Counterintuitively, this may well benefit midmarket BPC specialist chains that offer wide ranges and big-‐name brands.
Any one of these disruptions does not have to be big in and of itself; it’s the collective effect on established shopping patterns and established retailers that’s important. And for beauty brands, this shift threatens their established routes to the consumer. It’s not just about working with a new set of retailers. As more shoppers try niche brands through beauty boxes, buy across borders from Internet pure plays and seek out off-‐price products (which may have been sourced on the gray market), the largest brand owners will likely find their steady revenue streams disrupted.
11 11 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Winning in Mature Markets
The pressure is on established brands and retailers to build deeper connections with shoppers to strengthen perceptions of value and cultivate loyalty. But they have plenty of tools available to them:
• Social media offers the opportunity to engage with consumers more quickly and immediately than through traditional media. Instagram presents real potential for beauty retailers and brands, since it’s focused on visuals and its members have a passion for selfies. Sephora is one store that’s leveraged the platform effectively—it has 2.6 million Instagram followers.
• Online content and tools can similarly engage shoppers and bolster a company’s credibility as a beauty specialist. A number of big chains already offer some online content. For instance, Sephora’s website features a Beauty Talk subsite while The Body Shop offers its Beauty Hub for online content. And glossy iPad magazines and apps equipped with beauty tools offer new avenues for brand building through digital devices.
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• Loyalty programs cater well to the habitual, repeat purchase pattern of much beauty shopping. In the UK, Boots’ highly successful Advantage Card program has nearly 18 million members (out of a total UK population of just 64 million), and the company says that Advantage Card members make around 60% of its UK sales. Sephora, Walgreens and Debenhams also offer loyalty programs.
• Better store experiences offer real advantages to retailers seeking to counter the functionality of online shopping. In-‐store tech such as the beacons and magic mirrors discussed earlier can help. Leading the charge, Sephora announced that it will roll out beacon technology to its US store network in order to offer personalized messages to customers. But it’s about much more than tech. On London’s Oxford Street, natural-‐beauty specialist Lush recently opened a new flagship store with treatment rooms, sinks in which customers can test products and a perfume gallery. And when this analyst visited on its second day of opening, the store was heaving with shoppers!
Beauty shopping is fundamentally about enjoying a great experience, one that inspires confidence in both the product and the person buying it. Great experiences are at the root of that feeling of self-‐confidence, whatever region the customer is in.
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Focusing on Tech Innovation The in-‐store experience is about much more than technology, but this is an emerging field that can be leveraged to offer new experiences and improved services in stores. Alternatively, it can be used by e-‐commerce pure plays to deliver convenience and restore some of the tangibility that’s lost with online shopping.
As we made clear above, we think in-‐store tech is not just about building a competitive advantage in lower-‐growth mature markets; it’s about gaining first-‐mover status among smartphone-‐wielding, cross-‐channel shoppers in faster-‐growing markets such as Latin America and the Asia-‐Pacific region. In the following section, we round up some of the most promising and interesting innovations.
Smart Beauty Makes Shoppers Smart
Lights! Camera! Matching! Sephora teamed up with color specialist Pantone to create Color IQ, a device that captures color-‐pitch intensity. By focusing on skin physiology, Color IQ eliminates several variables that distort shade selection. The Pantone Color Institute mapped out 110 skin tones to build the Color IQ library. Capturing skin tones and undertones, Color IQ supports improved foundation matching. This is an example of a smarter choice driven by technology, and it’s only a matter of time before this functionality is applied to create colored cosmetics that complement skin tones and apparel choices.
In a similar vein, Boots launched its No7 Match Made service, which relies on handheld devices used in-‐store that detect skin tone and suggest the best shades of foundation and concealer for each shopper.
A little help from some connected friends: Visada is a brand-‐independent app that allows the user to create a unique beauty profile through an analysis by its vision technology once she’s uploaded a selfie. The app searches thousands of beauty vlogs on YouTube to find someone who looks like the user, and then places that vlogger’s makeup looks on the user’s photo, so the user can virtually see how the makeup would look on her. The app also offers personalized recommendations on the best products, formulations and makeup colors for the user.
Engage the shopper and capture data: In terms of product presentation, technology has brought marketing and communication to a new level. Responsiveness is key, and gamification adds an element of fun. In August 2014, DKNY launched a new fragrance in London’s Debenhams: DKNY MYNY. Incorporating a full street of windows, the store installed an interactive digital screen with motion detectors and an integrated camera that snapped photos as passersby stopped and played a game. The campaign resulted in the brand reaching top-‐seller status during the marketing period, while also driving social media attention.
Augmented Reality: Trying on Makeup Before Buying Makeup has long been a category that brings out the adventurous in consumers. Facial mapping is providing beauty brands and retailers with digital tools to better understand the skin and to market beauty products to consumers. Magic mirrors allow shoppers to experiment with different hairstyles and makeup looks and to digitally apply cosmetics using state-‐of-‐the-‐art facial-‐recognition technology. They’re fun to use and can lead to multiple selling opportunities.
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Your phone, the beauty consultant: Makeup Genius from L’Oréal Paris uses new visualization and facial-‐mapping technologies to allow shoppers to turn the front-‐facing camera of a mobile device into a virtual mirror, so they can virtually try on products—including eyeliner and lipstick—in real time. The algorithm captures 64 data points on the face, and allows the virtual makeup to move with the user as she turns her head or changes her facial expression. The same technology was previously used in the movie The Curious Case of Benjamin Button to help Brad Pitt age in reverse, and the movie won an Oscar for both makeup and visual effects.
Beauty tech provides the personalized experience that most women desire when purchasing cosmetics and other beauty products—and that even a beauty advisor in a store may not always deliver.
At-‐Home Beauty Devices Gaining Popularity Beauty technology or, more specifically, home use devices are a key area of expected growth. The global market size for beauty devices was $2.3 billion in 2013. It’s expected to reach $4.5 billion in 2018. In terms of product categories, hair removal devices account for one-‐third of total market sales, followed by a tie between cleansing devices and antiaging devices.
The US holds the greatest share of the beauty device market, but Asia is rapidly catching up: in 2013, China posted 92.6% year-‐over-‐year growth in the category. With Clinique set to enter the market with its Sonic System Purifying Cleansing Brush, and competitors expected to follow suit, Europe’s growth in the at-‐home beauty sector is poised to outpace that of the US, with a 25% sales increase. In Europe, the market grew at a steady 14% in 2014, with LED face masks, skin-‐smoothing lasers and microdermabrasion products proving some of the most frequent purchases.
15 15 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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Looking Ahead: What We Expect Across markets, we’re anticipating flux at the retail level, given the characteristics of the beauty retail sector outlined above and the rapid changes we’re seeing in many consumers’ shopping habits.
In less mature markets, we expect:
• Consolidation in the specialist sector as national chains displace independent, neighborhood BPC stores.
• Channel switching among shoppers as adjacent sectors, notably grocery, modernize and shift to larger formats that incorporate more beauty lines.
In more mature markets, we anticipate that:
• Internet retail, including online pure plays and beauty subscription services, will further destabilize established patterns of consumption.
• Discounter shopping and off-‐price retailing will further shake up established routines.
Our overarching recommendation is that retailers focus on the consumer experience in order to retain and build share. The beauty category is fundamentally about experience, not price, and usually not even efficacy. The most successful retailers are those that can deliver the best experiences to their customers.
16 16 Fung Business Intelligence Centre (FBIC) publication: Global Beauty Report
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April 30, 2015
Deborah Weinswig, CPA Executive Director—Head of Global Retail & Technology Fung Business Intelligence Centre New York: 917.655.6790 Hong Kong: +852 6119 1779 [email protected] Cam Bolden [email protected] Marie Driscoll, CFA [email protected] John Harmon, CFA [email protected] Amy Hedrick [email protected] Aragorn Ho [email protected] John Mercer [email protected] Charlie Poon [email protected] Kiril Popov [email protected] Stephanie Reilly [email protected] Lan Rosengard [email protected] Jing Wang [email protected]