UK colour cosmetics sales set to hit £1billion by the end of the year
The UK colour cosmetics market is set to reach £1billion by the end of 2014, according to market analyst firm Mintel. Sales of prestige colour cosmetics are predicted to generate £552million by the end of the year.
The prestige segment grew from a 34% share of the colour cosmetics market and a value of £491m in 2012, to a 35% market share, and a value of £531m, in 2013. However, mass-market colour cosmetics saw a slight decline in the same period, contracting from £939m and a 66% market share in 2012, to £986m and a 65% market share in 2013.
Eyebrow products are one of the strongest categories in the prestige market, with 22% of UK women choosing a branded product over a mass-market option. Total sales of eyebrow products, both prestige and mass-market, grew by a considerable 42% between 2012 and 2013 – reaching £28m last year. Sales are predicted to continue to rise by a further 7%, to a total of £31m, by the end of this year.
Prestige makeup users display high brand loyalty, with 39% of consumers who buy prestige brands of foundation stating that they rarely change brands. This compares to 27% for foundation in general. However, Mintel predicts a deceleration in the growth of the prestige colour cosmetics market later in the year.
Charlotte Libby, senior beauty analyst at Mintel, said: “As savvy shopping behaviours continue in the beauty market, and innovation is matched by mass-market brands, the prestige share of the market is unlikely to see continued increases by the end of 2014.”