Cosmetics market in Singapore - statistics & facts
The beauty and personal care market in Singapore was estimated to earn revenues of 1.14 billion U.S. dollars in 2022. With the economy already showing signs of recovery from the COVID-19 pandemic, this market was predicted to grow year-on-year until 2026 as consumers regain the confidence to spend. Brands could expect consumers to be more adventurous and move away from the safety of tried and tested products. Beauty and personal care retail would also need to adapt to the changing landscape and incorporate the latest trends, such as live streaming, to better meet the needs of a digitally-savvy consumer base.
Trusted brands in the cosmetics and personal care market
The beauty and personal care market in Singapore has a large variety of brands to cater to the differing needs of its multi-cultural consumer base. Asian brands, especially Japanese and Korean ones, are among the most trusted by beauty consumers there. Even so, cosmetics from western markets, in particular France, still make up the majority of such imports. While Asian brands might seem better suited to local needs, established western brands have the advantage of being global market leaders and still have widespread appeal to the discerning Singaporean beauty consumer. With an average of between 50 to 200 Singapore dollars spent per shopping trip on skincare alone, the Singapore beauty consumer is not averse to paying for premium. Brands, therefore, need to distinguish themselves from the competition and stay informed of what is important to consumers to compete for the beauty dollars.
Integrating digital innovations and trends with cosmetics and beauty retail
The lockdowns incurred during the pandemic accelerated the adoption of e-commerce for cosmetics and personal care products. However, the downsides to purchasing beauty products and cosmetics online include not being able to test the product, which is an essential aspect of shopping for such products. Implementing digital technology such as virtual testing of color cosmetics could help minimize the risk of online purchases by testing the shade onto a picture of the user or color matching the shade to the user’s skin tone. Beauty consumers also research for reviews of products online or watch beauty live streams to ascertain if the product suits their needs before making a purchase.
Beauty retailers know how integral digital technology is to the consumer’s everyday lives and have started to integrate such technology into their retail concept. In September 2022, the global beauty retailer Sephora launched its first omnichannel ‘store of the future’ outlet in Singapore, combining digital tools and services, such as cashless payments and app-based skin diagnostics.
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Research expert covering Singapore, Indonesia and Malaysia