Valued at £3 billion, prestige beauty market boosted by weak pound
London: 22nd January 2018: The market for the sale of prestige beauty products in the UK reported an increase of 4% in 2017 according to The NPD Group, a global information company. The total prestige beauty market was valued at £3 billion in 2017, largely driven by strong performance in fragrance, make-up and skincare.
Helen Duxbury, Senior Account Manager, NPD UK Beauty says: “The growth we have seen in the UK prestige beauty market is impressive, given the uncertainty with Brexit and the weak pound. British customers continue to purchase prestige beauty with great passion, and we also believe that an increase in global shoppers is a contributing factor to this growth, especially in super premium skincare and fragrance.”
The prestige fragrance market was valued at £1 billion in 2017. Fragrance ended the year with a solid performance, increasing 3%, with both classic and new launches contributing to this growth. Consumers continue to choose juices over gift sets with the sale of gift sets remaining flat in 2017, with juices growing 4%.
Skincare grew 6% in 2017 and this growth has been driven by classic and super premium brands. Although small at present, natural and vegan brands are demonstrating their importance to the skincare market’s growth. Make-up, valued at £9 billion in 2017, grew 6%, but this slowed from the double-digit growth of 10% reported in 2016. Within the make-up sector, foundation and lip colour remain the star performing categories reporting healthy growth throughout 2017.
Duxbury concludes: “From the figures we have seen in 2017 there is a definite boom in the prestige beauty market. Make-up and super premium skincare are a real attraction for overseas visitors as they include many designer brands. Retailers confirm they have seen an increase in global shoppers in store. Whilst the weak pound confirms our thoughts that the global shopper is boosting the prestige beauty market, UK shoppers continue their love affair with prestige beauty in all categories.”