According to GlobalData, the value sales of make-up in the Philippines declined by 5.6% year on year in 2020 due to the pandemic-induced restrictions that curtailed the movement of people and limited social occasions.
While it is forecasted to recover from 2022 onwards, the rate is expected to be moderate at best given that it would take time for the country to return to some semblance of a pre-pandemic normal.
“The reopening of the economy and increased movement of people is benefitting the make-up market as demand is expected to be steady and decline marginally in 2021. It is forecasted to recover from 2022, albeit at a slower rate than the pre-pandemic forecasts,” said Sukanyashri Kabali, consumer analyst at GlobalData.
Regardless, the easing of lockdown restrictions and increasing vaccination rates will inevitably drive the demand for make-up.
“Make-up is a discriminatory purchase compared to other sectors such as skin care products. The easing of lockdown restrictions, improving personal financial situation of consumers, and increasing penetration of vaccinations will boost demand for make-up products,” said Kabali.
She told CosmeticsDesign-Asia that the COVID-19 pandemic has fundamentally changed consumer attitude towards colour cosmetic products.
“During the COVID-19 pandemic, consumers started working from home and became busier trying to manage both personal and professional lives. As a result, demand skyrocketed for efficient make-up products that are quick and effortless.”
Functionality will undoubtedly be key in make-up as consumers are now on the lookout for products that are quick and easy to use.
One product that has found success during the pandemic period the Brow Microfilling Pen by LVMH-owned Benefit Cosmetics.
“Benefit Philippines’ pre-pandemic launch of a three-pronged eyebrow pen that quickly draws on precise hair-like strokes doubled in sales during the pandemic, as busy consumers found the convenience and precision offered by the product appealing,” said Kabali.
Kabali also highlighted Rare Beauty, a brand founded by American actor and singer Selena Gomez.
Rare Beauty, which launched in 2021, taps into the quick beauty demand with products like the Blot & Glow Touch-Up Kit, which features a powder puff applicator pre-loaded with powder.
The brand has also launched liquid eyeshadows and blushers that can be applied with a doe-foot applicator, eliminating the need for extra tools and perfect for on-the-ago application.
The greater awareness of health care and wellness is also driving demand for make-up products that can also serve benefits for the skin.
“Increasing health concerns are driving consumers to opt for products that do not damage or cause the least damage to their skin. In this regard, cosmetics companies have been launching hybrid products that act as make-up and skin care products. They are devoting significant resources to tap the demand for such products,” said Kabali.
However, she caveated that the segment for make-up with skin care benefit is still in a nascent stage.
“Even though the Philippines is emerging as a hotspot for makeup products from diverse origins such as the US, Europe, and South Korea, hybrid [beauty] products are still some time away. Meanwhile, cosmetic companies are grappling with competitive pressures as local players up their game and try to match the quality of imported products at affordable prices. This would be beneficial in the long-term as it would attract consumers and also aid in upscaling consumer purchases.”