Middle Eastern and African consumers spent nearly $30bn on beauty and male grooming products last year and the market is expected to grow to $34.5bn by 2021, according to global analyst company Euromonitor International.
The region is witnessing growth despite the challenging global economic situation, says Amna Abbas, Beauty and Fashion Research Analyst at Euromonitor International. She believes this is because the lives of those living in UAE, Saudi Arabia, Qatar and Kuwait have changed dramatically over the past decade with people enjoying “fast and progressive lifestyles”. She explains that thanks to oil, these are some of the richest and strongest Gulf Cooperation Council (GCC) countries, so these consumers are used to having luxury lifestyles with high value products. However, change is afoot as the challenging economic climate means today’s Middle Eastern consumers are on the hunt for high value products at more competitive prices. Abbas believes now is the perfect time for masstige brands to make their mark and grow in popularity.
The Shopping Experience
Retail Insights Editor at trend forecaster WGSN Laura Saunter calls the Middle East’s beauty market the fastest growing in the world and she says shopping in bricks-and-mortar stores remains a key pastime for consumers across the UAE and beyond. “One of our main findings is
Not yet a Subscriber?
This is a small extract of the full article which is available ONLY to premium content subscribers. Click below to get premium content on Cosmetics Business.
Subscribe now Already a subscriber? Sign in here.