Euromonitor International’s latest strategy briefing, Russia: Growth Market for the Future, indicates that the Russian beauty and health products market is experiencing phenomenal growth, and is one of the fastest developing industry sectors in Russia. Specialized cosmetic retail chains are experiencing the fastest growth rates, expanding rapidly to meet the demand for exclusive, luxury products.
As the fast-growing middle class shows increasing demand for high-value mid-priced and premium brands, price is no longer the most important element influencing consumers’ purchasing decisions. The main factors behind this dynamic growth in cosmetics and toiletries are:
- Innovation—especially in natural beauty products;
- The launch of masstige and premium brands;
- A rise in consumer spending and demand for higher value products;
- A gradual trend toward healthier eating and living;
- A move toward premiumization, driven by growing consumer concerns with the use of certain chemicals in cosmetics.
The full Russia: Growth Market for the Future report is available from Euromonitor International.