Global Beauty Report: BRIC continues with Beauty Luxury Consumption (Anti-Aging Skincare, Fragrances, Men’s Grooming products)

While U.S. consumers are gearing up for major discounts and deals for the upcoming, annual Black Friday sales, BRIC (Brazil, Russia, India, and China) continues with their luxury consumption.

In GCI’s global market report, high net worth consumers living in BRIC are driving the global luxury goods market according to Euromonitor International as seen in the following trends:

-UK-based Harvey Nichols is opening a second store in HK to cater to Chinese consumer’s growing appetite for luxury goods.

-China is predicted to achieve more than $10 billion in beauty sales by 2015 as a result of rising disposable income.

–Anti-aging skincare has the highest annual growth rate due to the Chinese demand for whitening ingredients as part of it’s cultural ideal for pale skin.

-Chinese men’s grooming habits are performing very well and has an average annual growth rate of 13%. Men’s grooming products like haircare, skin care, and deodorants are key drivers thanks to constant new product launches and promotions.

-Out of the 4 BRIC countries, India attracts the big beauty players based on rising affluence and greater consciousness of personal image. Premium beauty in India rose to 63% in 2010.

-As Russia surpasses the UK in the luxury fragrance market, brand loyalty is strong among the BRIC consumers but their loyalty is often tied to the label, and not necessarily to a specific scent. Packaging, branding, and luxury credentials are needed in order for a premium fragrance to be a desired and successful luxury product. The world’s most expensive perfume is currently the limited edition Clive Christian No.1, which costs around $200,000 for a 30mL bottle made of Baccarat handmade crystal, adorned with a 5-carat white diamond and an 18-carat gold collar.

For more information, go to GCI.com