Make-up sales drive growth of prestige beauty in 2014
Sales of prestige beauty products grew to £2.3billion in the UK in 2014, driven by significant growth in make-up sales, according to the latest figures from market analysts NPD Group. Prestige make-up sales were up 9.7% on 2013’s figure, with the whole market seeing growth of 5.1% in the year ending December 2014.
However, sales of prestige skincare were slightly down in 2014, shrinking 0.2% and sales from new launches were down 35% on 2013.
Christmas was predictably strong, with 38% of all prestige beauty sales made in November and December last year. Make-up sales were particularly strong in the festive season, with sales up 12% in December 2014 on the same month in 2013.
Make-up also increased its share of the prestige beauty market in 2014, taking a 26% chunk last year, up from 24% in 2013 and compared to skincare’s 21% share.
June Jensen, director of UK beauty at NPD Group, said, “Beauty is an industry where consumers are willing to spend. While there is brand loyalty, consumers are always on the hunt for products that will perform better and are willing to add to their routine is a new product proves worthwhile. This makes innovation key driver for growth.”
According to NPD’s figures, the fastest selling existing skincare product line in 2014 was Clinique’s For Men moisturisers, indicating the strength in this burgeoning market.