4 Trends Shaping the Fragrance, Cosmetics and Toiletries Market
Posted: June 23, 2008
A recent Euromonitor report examines the road ahead for fragrances, cosmetics and toiletries and finds a mixed bag of opportunities and points for concern:
- Sales of cosmetics and toiletries slowed last year and are expected to do so again in 2008. According to the report, "sales growth was slowed by the housing downturn, and rising energy and food prices. Worries about the US economy led to reduced consumer confidence and lower spending."
- Natural and organics boom appears to have no end. "Americans are expressing growing concerns over the impact of various goods on the environment and on their own health and well-being," says Euromonitor. "They are increasingly turning to all things natural in search for healthier alternatives to standard industrial goods, and products that have claims of being 'natural,' 'organic' and/or eco-friendly are growing in popularity across various areas of the US consumer market."
- Acquisitions will continue to shape the competitive landscape. The report notes that, in a market as mature as the United States, acquisitions are seen as a reliable strategy for gaining "competitive advantage."
- According to Euromonitor's report, "bloggers are wielding increased power as consumers move away from traditional media to social media ..." In addition, the internet allows consumers to be more knowledgeable about product attributes and to share information and criticism.