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.
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.
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.
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.
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.
LVMH, Estée Lauder, L’Oréal, Puig, Shiseido, Chanel, Coty, L’Occitane, Kao, Unilever.
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
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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