The prestige beauty industry grows 6% in Mexico

Mexico is ranked 20 at a global level and is the most attractive market in the luxury goods industry. Image: stock photo
Mexico is ranked 20 at a global level and is the most attractive market in the luxury goods industry. Image: stock photo

The market for prestige beauty in Mexico increased by 6% in 2018, according to data released by The NPD Group, the global market research agency, and business solutions.

As part of the presentation of study "Travel through beauty trends in Mexico and the World", the consultancy reported that although the high-end beauty industry in the Mexican market registered growth during the past year, its increase was slow compared to that of 2017. Nevertheless, an opportunity for growth in space available for sale and average per capita consumption is discernible.

Historically in Mexico, the fragrance market is the largest and grows at the same pace as the total market. In 2018 this item continued with this trend, coping 39% of the market.

According to the results of NPD, the drivers of the fragrance industry are the eau de parfum (perfume water) and the gift sets that include different products. "In 2018 the new lifestyle brands were the most favored by consumers in the year."

Makeup occupied 30% of the high-end beauty industry in the country, with the foundation of high-coverage makeup as the sales driver. For its part, the skin treatment market was very dynamic in 2018 with a 22% share, because consumers are increasingly looking for anti-aging products in high concentrations, such as serums.

Regarding online sales, the agency said that the prestigious beauty industry has a great market opportunity through e-commerce that is growing rapidly, although its penetration is still low. "Consumers prefer to go to the point of sale to purchase their products and obtain a premium service," he explained.

"Mexico is ranked 20 at a global level and is the most attractive market in the luxury goods industry," said Aidé Cerón, director of customer development for the prestigious beauty industry of The NPD Group Mexico, during the event.

The NPD Group also shared information about the Prestige Beauty Market in the United States: "In the prestigious beauty industry in the United States, it is inclined towards socially conscious products - non-toxic, sustainable, free from animal cruelty and Vegans", concluded Larissa Jensen, executive director and analyst of the Prestige Beauty Industry at The NPD Group.

Mexico is one of the 8 countries globally that are monitored by the NPD Group in the prestigious beauty industry, including the United States and Canada, which each grew by 6% in 2018, France fell by 2%, the United Kingdom, with a decrease of 1%, as well as Argentina, which increased by 35%, Brazil, with 12%, Chile, with 7%, Peru, with 8%, among others.

NPD provides market information, experience, and analysis to contribute to the success of its clients in the changing world of business. For more than 50 years he has collected data in 20 countries in the Americas, Europe, and the Asia Pacific. NPD Mexico offers 3 specialized services: monitoring of market information, premium measurement, and business solutions. It measures the industries of consumer electronics, appliances and appliances, computing, videogames, toys, prestige beauty, and sportswear and footwear.

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