£60 million growth for UK prestige skincare in the first six months of the year
The UK market for prestige skincare products grew by £60 million between January and June this year, according to new research from market analysts the NPD Group.
The figures constitute a 6% increase, compared to the £30m growth in the same period in 2016. In total, the UK prestige beauty market is now valued at £1,013 m.
The growth is largely driven by the makeup and ‘super premium skincare’ segments. Makeup, which represents 36% of the overall prestige beauty market, was responsible for 48% of growth.
Unlike skincare, the largest prestige beauty category, and fragrance, which is just behind makeup in terms of market share, the growth in makeup sales is largely driven by new launches.
Skincare contributed 23% of overall prestige beauty market growth between January and June, with fragrance representing 29%. The NPD Group believes the post-Brexit referendum climate is a contributing factor in the strong prestige beauty market growth.
June Jensen, director, NPD UK beauty, said: “The growth we have seen in the UK prestige beauty market is impressive, given the uncertainty post-Brexit. We believe that an increase in global shoppers is a large contributing factor to this growth.
“Visitor numbers to the UK continue to grow, in part due to the weak pound, making the UK a more attractive place to shop and retailers confirm they have seen an increase in global shoppers in store.”
While only having a 7% market share, super premium skincare drove 34% of growth, bringing £5m into the prestige beauty market in the six months measured.
The category has seen a 53% growth in the last four years.