The average sales price of prestige skin care in this period rose from £34.80 to £37.38. In addition, a decline in demand was behind a 10% value sales decline in the overall market.
Price increase percentages:
- Face masks (+11%)
- Body creams (+11%)
- Eye treatments (+8%)
- Face creams (+3%)
Mid-range brands have increased their share of the skin care market from 17% in Q4 2018 to 25% share in Q4 2021, The NPD Group reports.
Emma Fishwick, account manager, NPD UK Beauty, said, “The price rises we have seen in the prestige skin care market are due to a number of factors. The cost of shipping, packaging and raw materials are on the rise and thereby brands have little choice but to increase the price of their products to ensure that their business is sustainable. Whilst consumers feel the squeeze, as the cost-of-living increases, there is an opportunity for prestige beauty brands to sharpen their marketing communications to highlight the multiple benefits of products. For example, makeup with skin care benefits, skin care with SPF and men’s grooming products that soothe razor rash and protect the skin at the same time. Prestige beauty is renowned for its cutting-edge scientific research and this is another way that brands can truly differentiate their offering from other players in the market.”