2017 Asia is a leader in global sales of decorative cosmetics, overtaking North America. This region has a huge population, economic expansion, which allows consumers literally to spend on more.
The lip products and Foundation and concealers are the most popular products in Asia, helped by the popularity of selfie photos, and the emergence of new methods of “contouring” and the increasing availability of personalization colors.
While BB creams and CC showed the fastest growth among all decorative cosmetics, Foundation is unlikely to yield their positions to the above-mentioned products, because consumers now buy variations of these products to apply them at different times. In particular, buyers tend to purchase several shades of Foundation that allows them to create perfectly smooth skin tone of the face.
According to the analyst Sonny Am from a research organization Euromonitor International, economic progress in the developing countries of the Asian region leads to a rise in the popularity of premium cosmetics. Consumers-Millennials in China, Thailand and Indonesia choose “high quality”, “hypoallergenic”, “natural or organic” products that suit the specificities of their skin, whereas in Japan and Korea priorities are price and quality.
Meanwhile, the boom in the culture of social networking and the growth of the aging population in Asia has led to the emergence of influential personalities on YouTube, which focus on cosmetic treatments for men and older women. This category of blogerov destroys gender and age stereotypes, discussing cosmetics for men, active ageing and giving advice on makeup for men and women of advanced age.
One study from Euromonitor International showed that there were a number of difficulties for men and older women in search of cosmetics, especially in the case of purchase of lipstick or Foundation. In particular, the market is no cosmetics designed exclusively for men, but for women of advanced age have a sense of awkwardness or embarrassment, caused by the number of years lived.
It is expected that by 2022, the sale of decorative cosmetics in Asia will grow, reaching an average annual growth rate of 6%. The pace of development of cosmetics market China overtook Japan and Thailand, and Indonesia surpasses Taiwan and Hong Kong. In Asia currently, there are two different consumer trends: the expansion of the middle class in emerging markets and retreat into the background of middle class and market saturation in developed countries.
Given that potential buyers of cosmetics are not only young girls, but also men and elderly women, the producers will get the chance to provide exclusive solutions for different geographical, gender and age groups, allowing them to reach all consumers in Asia.