UK prestige beauty sales soar as international shoppers capitalise on weak pound
UK sales of prestige beauty products have doubled in the first half of this year thanks to global visitors investing in premium skincare and make-up, according to research by global information company The NPD Group.
Sales boomed to £60 million in the six-month period from January to June 2017, compared to just £30m in the same period in 2016, representing a 6% increase in growth.
The surge is believed to be driven by overseas visitors who are taking advantage of the weak pound to buy new make-up and super premium skincare, the report found.
Make-up now accounts for 36% of the total prestige beauty market and contributed 48% of the growth to this year’s figures, more than fragrance (29%) and skincare (23%).
Super premium skincare may only represent 7% of the market but it drove 34% of the growth, adding £5m worth of sales in the period January to June 2017, with sales in London growing by a staggering £2.6m, the research found.
Online sales of luxury skincare have increased by 102% in this period, but has grown 53% in the past four years.
June Jensen, director, NPD UK Beauty, said: “From the figures we have seen there is a definite boom in the prestige beauty market as demonstrated by the data from January 2017 to end of June 2017.
“Make-up and super premium skincare are a real attraction for overseas visitors as they include many designer brands. Retailers confirm they have seen an increase in global shoppers in store.
“London is considered the shopping capital of the UK and the increase in visitor numbers to the city, and the weak pound, confirms our thoughts that the global shopper is boosting the prestige beauty market.”