A new study by FEBEA found France could recover from the effects of the coronavirus pandemic in two years time, but countries abroad could be waiting until 2023
France’s beauty market is predicted to return to normal from the coronavirus pandemic by 2022, according to a survey.
The analysis by research firm Asterés and commissioned by the French Federation of Beauty Companies (FEBEA) found cosmetics sales slumped 37% during France’s lockdown.
The knock-on effect from the stay at home order is expected to see ‘beauty products’ register a turnover decrease of 17% by the end of 2020.
Meanwhile, smaller French cosmetics companies suffered a 54% drop in turnover in the spring, against an average drop of around 35% for larger beauty companies.
The rebound is predicted to come in the form of financial support from the French government.
Asterés said this financial support targets ‘modest households’, described as those who save the least and spend the most, which will support the industry’s growth as they consume to ‘have fun’.
A cut in production taxes, marked by the government’s recovery plan, will also be a ‘significant’ help to the sector, according to Asterés.
However, the group noted this return to a pre-Covid-19 market is dependent on hygiene conditions and the evolution of the outbreak.
But a similar situation is not predicted across the globe.
Internationally, the recovery is expected to be slower, in particular in the US, India and Brazil, meaning post-pandemic sales might not recover until 2023.