Taiwan beauty products market: Healthy growth in 2012 despite low consumer confidence
Beauty and Personal Care in Taiwan - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-16 00:18:04
Despite a sluggish economy, low consumer confidence and being a mature market, beauty and personal care registered healthy growth in value sales in 2012, notably in baby and child-specific products, hair care and sets/kits. Manufacturers continued to constantly make improvements and add value to their products, while regularly offering discounts in combination with retailers to overcome consumer price sensitivity issues.
Regular discounting, department store anniversary sales and the introduction of sets/kits at lower prices were all essential in 2012 for manufacturers and retailers to attract consumers wanting to purchase but restricted by low consumer confidence. Competition amongst leading players was intense as a result.
The role of international players in beauty and personal care in Taiwan increased in importance in 2012. These companies benefit from a large amount of resources, access to global research and development and marketing knowledge, allowing them to adjust more quickly to changing trends and generate greater consumer interest in their brands.
Health and beauty retailers and mixed retailers are very important channels for beauty and personal care and continued to be even more so in 2012. Competition between these channels and with other channels led to constant improvements in service and shopping experience as well as increased promotional activity. These channels also capitalised on the high penetration rate of stores nationwide as well as from the wide range of beauty and personal care products they offer.
Despite the mature nature of beauty and personal care in Taiwan in 2012, steady growth over the forecast period is expected. Projected improvements in the economy and consumer confidence are likely to create more opportunities for higher value products, including increased premium, natural and organic offerings. The boost in Taiwan´s birth rate in 2011 and 2012 should also help to further grow total value sales.
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