Beauty product sales defy Nigeria’s economic woes, hit 15-yr high

Despite the nation's growing economic challenges, retail sales of beauty and personal care items in Nigeria soared to their highest point in at least 15 years, according to a recent survey by a worldwide market research agency.

According to a research by Euromonitor International, official market sales increased from $1.34 billion in 2021 to $1.64 billion in 2022, a 23 percent increase."

Consumer spending power was severely undermined by the inflationary conditions, which caused many to cut back on or cease purchasing non-essential things. Consequently, volume sales were hindered even if a robust increase in unit pricing fuelled retail value growth, the report stated.

According to the report, most larger, important categories had growth in retail volume because many consumers, especially women, consider bath and shower, oral care, skin care, and colour cosmetics to be necessities. The report stated that "retail volume growth continued to be positive despite a reduction in consumer spending power."

According to the report, rising urbanisation has also broadened the consumer base, and fierce brand competition has expanded the range of brands available, especially reasonably priced branded options.

The creator and CEO of Hegai & Esther Cosmetics, Gbemisola Adebayo, stated that "the cheaper brands are driving the growth in the market, even though business is not like before due to the value of the currency." "There are so many new cosmetic brands that entered the market last year that I am at a loss for words. Additionally, the majority of brands are beginning to use innovative pricing and marketing techniques. She claimed that beauty comes after food and technology, despite the fact that this is unproven. "Nigeria is the most beautiful country in Africa."

According to a research breakdown, skin care products made up the largest portion of Nigeria's beauty and personal care market ($382.7 million). $270 million was spent on hair care, $242.1 million on deodorant, and $229.4 million on bathing and showering. The statement read, "Innovative products boost growth in certain product areas, which have seen strong dynamism throughout the year."

The statement went on to say that this was especially true in the bath and shower market, where a number of new brands have fuelled the expansion of body wash and shower gel by providing exfoliating and skin-whitening/lightening products that meet consumer expectations.

Source: Business Day