Low cost cosmetics are set to emerge as a growing sector in France despite the five year forecast predicting stagnant sales for overall beauty, according to market researcher Euromonitor.
The rise is being fuelled by market-savvy brands responding to consumer demand in the country for cheaper cosmetics within the beauty specialist retailer setting.
Cosmetics companies both within the country and internationally are getting on board with the trend, as economy Italian retailer Kiko sees continued growth in France, and Nocibé launches new brand ‘Bellista’.
The trend for discount beauty is not unique to France, as budget retailing is seeing global growth. The discount store market is predicted to reach almost $67 billion in 2015 in the UK according to research from KeyNote, and China’s major discount retailers are snapping up cosmetics brands .
In France, this trend is being harnessed by speciality beauty retailers, as consumers look for the prestige retailer image at budget prices.
Beauty specialists “are positioned to continue to benefit from the rise in demand for beauty products, particularly in the current uncertain economic times, as pressed consumers look for affordable luxury and an affordable source of wellbeing,” according to market researcher Mintel’s latest beauty retailing report.
Euromonitor’s recent market analysis accords with this, observing that brands should look to target trends-led consumers to make the most of the country’s low cost beauty trend.
France is the market expected to see the highest absolute growth in Western Europe, generating $315 million by 2018, according to the market research firm.
Lower-cost brands can look to win consumers with regularly updated product ranges targeted at young consumers, and strong high street and online visibility.
French budget beauty brands
In France, brands are already profiting from the rise in consumer demand for cheaper cosmetics.
Modestly priced cosmetics retailer Kiko, which moved into France in 2010, has grown to 100 outlets, and its expansion looks set to continue according to Euromonitor.
Beauty specialist Nocibé is also tapping into the trend, having just launched a range of boutiques offering discount beauty services (pedicures, manicures, facials) and stocking only its own brand, which it launched two years ago.