Prestige make-up sales hit £531m
Sales of prestige make-up in the UK grew to £531million in 2013, up from £491m in 2012. Prestige make-up now also accounts for 35% of the total make-up market, up from 34% in 2012, according to recent data from market analyst company Mintel.
The sales of brow products has boosted this growth, having seen an increase in sales of 42% year on year in 2013 to £28m, and with sales predicted to hit £3m by the end of the year.
Nail products also saw robust growth in 2013 of 6.6% year on year, and that is set to continue throughout 2014, with the number of UK consumers using nail polishes up to 69% from 59% in 2013. Around half of consumers wear four or more shades, suggesting that clients won’t limit themselves when it comes to colour.
The research also found that brand loyalty is strongest among consumers of prestige beauty products. Some 39% of those who buy prestige foundation said they rarely change brand for base make-up, compared to market average of 27%.
However, despite solid sales in the prestige colour cosmetics sector, Mintel analysts believe that the sector cannot expect to see the same levels if growth moving forward.
Charlotte Libby, senior beauty analyst at Mintel, said that product innovation helped to drive growth in the prestige cosmetics sector in 2013, however the mass market brands are matching that innovation and attracting consumers back to their lower cost items.
“Prestige brands can encourage consumers to trade up with smaller size products, offering a more purse friendly method of trialling products,” she said.