2024
9
UK Prestige Beauty Consumer 2024
2024-02-19T18:02:54+00:00
REPE5C5018A_DD14_44DB_907E_47BA08520227
1495
170698
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Report
en_GB
'Quiet luxury' trends have benefitted the prestige beauty market, as demand increased in 2023, and consumers sought ways to enter the market with value in mind. Shiyan Zering, Beauty…
UK
Beauty and Cosmetics
Prestige/Luxury Goods
simple

UK Prestige Beauty Consumer 2024

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    • Key issues covered in this Report

  2. Executive Summary

    • Opportunities for the prestige beauty market
    • Market dynamics and outlook
    • What consumers want and why
    • Graph 1: types of BPC brands used, by prestige brands, 2022 and 2023
    • Graph 2: prestige BPC gifting occasions, 2023
    • Graph 3: attitudes towards prestige BPC products, 2023
    • Innovation and marketing
    • Graph 4: prestige, luxe and super-luxe BPC’s share of all BPC product launches, 2020-23
    • Graph 5: miniature or travel sized* prestige, luxe and super-luxe BPC product launches, by category, 2021-23

  3. Market Dynamics

    • Market segmentation
    • Macro-economic factors
    • Graph 6: CPI inflation rate, 2021-23
    • Graph 7: perceived benefits of buy now pay later, 2023
    • Graph 8: % of adults who have paid more for a sustainable beauty/grooming product, by generation, 2023
    • Graph 9: online marketplace/peer-to-peer selling platforms used in the last 12 months, by generation, 2023

  4. What Consumers Want and Why

    • Types of BPC brands used
    • Graph 10: types of BPC brands used, by category, 2023
    • Graph 11: types of prestige BPC products used, 2022 and 2023
    • Graph 12: prestige colour cosmetics usage amongst females, 2022 and 2023
    • Graph 13: types of prestige BPC products used by men, 2023
    • Graph 14: repertoire of prestige BPC products used, 2023
    • Frequency of prestige BPC product usage
    • Graph 15: frequency of prestige BPC product usage, 2023
    • Graph 16: frequency of prestige BPC product usage, by product used, 2023
    • Types of BPC products purchased
    • Graph 17: types of BPC brands purchased in the last 12 months, 2023
    • Who prestige BPC products are purchased for
    • Graph 18: who prestige BPC products were purchased for in the last 12 months, 2023
    • Graph 19: who prestige BPC products were purchased for in the last 12 months, by age, 2023
    • Prestige BPC gifting occasions
    • Graph 20: prestige BPC gifting occasions, by gender, 2023
    • Where prestige BPC products are purchased
    • Graph 21: purchase channel for prestige BPC products, 2023
    • Prestige BPC shopping behaviours
    • Graph 22: prestige BPC shopping behaviours, 2023
    • Attitudes towards prestige BPC
    • Graph 23: attitudes towards prestige BPC products, 2023

  5. Innovation And Marketing Trends

    • Launch activity and innovation
    • Graph 24: % of prestige, luxe and super-luxe BPC launches accounted for by each category, 2020-23
    • Graph 25: % of BPC launches in each each category accounted for by prestige, luxe and super-luxe BPC products, 2020-23
    • Graph 26: top 10 claims in prestige, luxe and super-luxe BPC product launches, (by 2023), 2021-23
    • Graph 27: miniature or travel sized* prestige, luxe and super-luxe BPC product launches, by category, 2021-23
    • Graph 28: prestige, luxe, and super-luxe BPC products, by top ultimate companies and other, 2022 and 2023
    • Fragrance launch activity
    • Skincare launch activity
    • Haircare launch activity
    • Colour cosmetics launch activity
    • Advertising and marketing activity
    • Graph 29: total above-the line, online display and direct mail advertising expenditure on prestige BPC, 2020-23
    • Graph 30: total above-the line, online display and direct mail advertising expenditure on prestige BPC, 2022

  6. Brand Research

    • Graph 31: commitment to prestige brands, 2023
    • Graph 32: usage and awareness of prestige BPC brands, 2023
    • Graph 33: usage frequency of prestige BPC brands, 2023

  7. Appendix

    • Report scope and definitions
    • Methodology

Stay ahead of the curve and future-proof your business with Mintel’s UK The Prestige Beauty Consumer Market Report 2024. Our full report is packed with consumer-led market intelligence, the latest prestige beauty market research, trends and consumer behaviours affecting your business. Get a 360° view of the prestige BPC market including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • The impact of the rising cost of living on the prestige beauty market.
  • The value of the prestige BPC market and forecast for the next five years.
  • Usage and purchase of prestige beauty products, including frequency of usage, purchase channels and gifting occasions
  • Launch activity in the prestige beauty market.
  • Consumer attitudes and behaviours, including loyalty toward prestige beauty, and perceptions of new and heritage brands.

Prestige BPC Market Outlook

Sales in the prestige BPC market are expected to continue to increase in 2024, despite a challenging economic environment. While those who buy prestige products are buying fewer, the prestige beauty market has attracted new users and demand for prestige is being driven by ‘quiet luxury’ trends, as well as recovering financial confidence.

  • Prestige beauty market size: Mintel estimates that retail value sales of prestige BPC products reached £3.4 billion in 2023.

Prestige Beauty Market: Challenges and Opportunities

Secure loyalty amidst ‘dupes’

As more consumers enter the prestige BPC market, they become committed due to experiencing the benefits. However, value-conscious consumers may opt for cheaper alternatives due to the ‘dupe’ culture emerging in the prestige beauty market. Brands therefore must demonstrate value and offer convenient purchasing options.

  • Prestige beauty market research: 42% of prestige BPC buyers have purchased a ‘dupe’ version of their favourite product.

Demand for fine fragrances

The prestige fragrance category was the leading segment in the prestige BPC market. However, ‘dupe culture’ is also prevalent in the fragrance category. To combat this, new and established fine fragrance brands can create affordable entry-level formats for new consumers.

  • Prestige beauty market size: Mintel forecasts that the fragrance market value sales reached £1.3 billion in 2023.

Purchase our UK The Prestige Beauty Consumer 2024 to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our The Future of Fragrances 2024, or our range of Fragrance Market Research.

Brands Featured in the Full Report

LVMH, Estée Lauder, L’Oréal, Puig, Shiseido, Chanel, Coty, L’Occitane, Kao, Unilever.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
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  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

Expert Insights from a BPC Analyst

This report, written by Shiyan Zering, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the prestige BPC market and add expert context to the numbers.

‘Quiet luxury’ trends have benefitted the prestige beauty market, as demand increased in 2023, and consumers sought ways to enter the market with value in mind.

Shiyan Zering
Beauty and Personal Care Analyst

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