In May we reported that luxury cosmetic brands would need to stay fluid in the face the COVID-19 pandemic to make up for the lack of advantages in the challenging market.
In the last few years, consumption upgrading was a key driver for the overall growth of the cosmetics market
According to a 2019 Mintel survey, 38% of women used more premium products to ‘improve skin’.
Due to the COVID-19 outbreak, it said we were likely to see a reverse effect and a decline in the prestige sector.
Personal care conglomerate Proctor & Gamble (P&G) reported that while organic sales rose 1% for the third quarter of fiscal 2020, its net sales and earnings dipped due to the impact on its prestige brand SK-II.