Celebrity endorsed products fuel market growth in Ireland
celebrity-endorsed beauty products is undoubtedly partly driving
the current growth in the colour cosmetics industry in Ireland and
Northern Ireland, according to a new study.
Market research company, Mintel has released a report that suggests the amount of women in employment has increased in Ireland over recent years, giving more female consumers greater spending power for purchases such as colour cosmetics.
Author of the report, Edel Gallagher, told CosmeticsDesign that "The trends which have appeared in the Irish markets mirror that of the UK colour cosmetics market. For example the current upsurge in celebrity endorsed cosmetic brands is a prime driver of this market, as in the UK".
Foreign investment fuelled rapid economic growth in the early 1990's in Ireland, which attracted a wave of newcomers and investors to the country, in turn generating further growth for the cosmetics industry.
The report highlights that the economic boom is encouraging female consumers to spend more on colour cosmetic products, with celebrity endorsed products, foundation and lipsticks being prime growth drivers for the market, with the overall cosmetics market currently valued at €112.2 million.
Likewise, through questioning leading cosmetic manufacturers Coty UK and L'Oreal Gallagher discovered that fashion trends appearing on the catwalk are a key basis for cosmetic manufacturers when creating a colour cosmetics range aimed to boost sales, creating products that mirror the colours, textures and style of the key trends that season.
"Many couture designers such as Christian Dior and Chanel have successfully expanded into the cosmetics market by launching their own range of cosmetics, which complement their clothing line and can be sold as one complete look, representing opportunities for creative marketing" said Gallagher.
She continued, "Additionally, consumers will trust a cosmetics brand if they already purchase clothing from the same label, as the quality association is already in place".
Another key growth driver highlighted in the report is the increase in women using foundation and lipsticks, with at least seven out of ten women thought to own both products.
The report suggests that the use of lipstick has risen by four per cent in the Republic of Ireland and by two per cent in Northern Ireland, with foundation use again rising by four per cent in the Republic of Ireland, with a marginal decrease of one per cent in Northern Ireland.
This decrease was attributed to competition from high demand products such as tinted moisturisors and fake tans.
Moreover, Gallagher also placed emphasis on the current trend for colour cosmetic manufacturers to cross over into the lucrative skin care industry, with many companies now creating products that combine age defying ingredients into their colour cosmetics product lines.
"Much of the growth of the market was driven by innovative companies making colour cosmetics that also target the growing consumer desire for younger, healthier looking skin, with cosmetic products from foundations, to eye shadows created using age defying ingredients" she said.
