Business

Vietnamese cosmetics market sees stable growth

The Vietnamese beauty market saw stable growth last year, with a year-on-year increase of 4 percent, and is expected to thrive in the years to come.
Vietnamese cosmetics market sees stable growth ảnh 1Financially independent women are the biggest spenders of beauty products in Vietnam. (Photo: tuoitre.vn) 

HCM City (VNA) - The Vietnamesebeauty market saw stable growth last year, with a year-on-year increase of 4 percent,and is expected to thrive in the years to come.

About 20 million women aged 15 to 39, or 40 percent of thefemale population, are potential consumers, according to a recent KantarWorldpanel report on the national cosmetics sector.

The report said that 80 percent of consumers in affluentcities bought at least one product last year, with one-quarter of personal carerevenue from the beauty sector.

Women from southern provinces had more purchase intentionsthan those from the North, with the bestselling items facial cleansingproducts, sunscreens and lip balms.

Consumers below 20 years old tend to buy cleansers on their firstbeauty shopping trip.

Vietnamese spend less than Thai consumers on beautyproducts, but the figure is expected to increase as people are becoming moreeducated about skincare.

Consumers no longer have to rely on traditional marketingchannels, including TV and newspapers, to get information. They can keepabreast of the latest beauty trends via the internet, celebrities, beautybloggers and others.

“I’m pleasantly surprised to see more people, even younggirls and teenagers, get interested in beauty-related information provided inmy videos. Some even texted me privately to ask for skincare advice,” ChloeNguyen, a beauty blogger, told Vietnam News.

In addition, financially independent women are the biggestspenders, according to the report. The more successful they are, the moreeffort they put into perfecting their appearance.

Higher-income women buy more products. Hence, despitepeople’s tendency to buy cheap or discounted products, high-end makeup andskincare products continue to attract more consumers.

Fabrice Carrasco, director of Kantar Wordpanel in Vietnam,Indonesia and the Philippines, said that beauty products accounted for half ofthe goods that consumers in four major cities in Vietnam had purchasedonline.-VNA
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