Slow growth for UK skincare market
The UK skincare market grew by a modest 1% between 2011 and 2012, to reach £2.1billion (US$3.4bn), according to research report provider Companies and Markets. The ongoing recession is held primarily responsible for the slow growth rate.
The prestige skincare market and the male market are, however, two segments that record strong growth. Sales of prestige skincare products have benefitted from the so-called “lipstick effect”, which sees consumers treat themselves to small and relatively affordable items from luxury brands.
In line with a global trend, the male grooming market in the UK also continues to expand, with 42% of British men applying a facial moisturiser, 22% using a cleanser and 7% admitting to spending “a lot of time” on their facial skincare routine.