For our UK beauty execs, here’s news of a great new resource. The 10 Years of Premium Beauty report from Imogen Matthews presents key trends and events that have shaped the prestige beauty industry in the UK for the past 10 years. From economics to makeup, skincare, fragrance, and retail changes, Matthews explores where the industry has been and where it is going.
In 2003, the UK experienced its 13th year of consecutive economic growth and easy credit gave consumers a reason to spend. Fast forward to 2012 and the UK economy staggered in and out of recession and consumers lacked purchasing confidence. Yet thanks to “the Lipstick Effect,” premium beauty outperformed other categories.
Even though premium came through the recession unscathed, this is not the time for complacency. “Going forward, the premium beauty industry must worry less about what is happening outside its sector and focus on strengthening its core values. Premium beauty must be seen to have inherent value, not just high prices. It needs to get back to being premium once more,” says Matthews.
The report’s conclusions are based on analytic strategies in place for the last 20 years. The first Premium Market Report was published in 1993 in response to a dearth of market research in the premium beauty category, and specific requests by Elizabeth Arden and Givenchy. Since then Matthews, an experienced researcher, has published yearly and specialized reports such as Older Women: The Forgotten Demographic.
In addition to Matthews’ analysis, 10 Years of Premium Beauty features interviews with UK beauty leaders including Per Neuman of the Estee Lauder Group, Hilary Dart of Hilary Dart Associates, and Jenni Retourne of Style With Substance.