NPD launches store level view for prestige beauty market
Market View Current Conditions Report will allow greater depth and insight into the complex prestige beauty market, which is currently struggling under the challenges arising from the economic downturn.
The report highlights national and regional information as well as up to date measures of sales volumes and distribution rates according to individual categories.
More detailed information to understand trends
“With more granular data, manufacturers and their retail partners can better understand their consumers and develop, monitor and improve marketing and sales efficiencies,” said Diane Nicholson, president of NPD Beauty.
Current data shows that there is a significant difference in prestige beauty spend across the different US regions, with the Pacific region having the largest US dollar share of the market at 22 percent.
Likewise, 80 percent of the total prestige beauty spend in the US came from five of the country’s 10 different regions.
Refining sell-in strategies
NPD claims that the store data enables personal care players to refine their sell-in strategies, helping to narrow them down to specific regional opportunities and helping them to fine tune their distribution strategies.
“Sharpening your view of the marketplace allows for an increased competitive edge and stronger margins – crucial factors particularly in today’s precarious marketplace,” said Nicholson.