Last Updated: August 09, 2023, 12:32 IST
Indians spent Rs 1,214 on coloured cosmetics within a six-month period.
A study by Kantar Worldpanel has revealed that over 100 million cosmetic items like lipsticks, nail polish and eyeliners were sold in 6 months.
A recent study by Kantar Worldpanel revealed that Indians spent around Rs 5,000 crore in the last six months on cosmetic products. As the work culture witnessed a gradual work-from-home to work-from-office shift, over 100 million cosmetic items like lipsticks, nail polish and eyeliner have been sold.
The study found that Indian consumers have spent Rs 1,214 on coloured cosmetics within a six-month period. 38 per cent of the sale was of lip products followed by the sale of nail products. This signifies the diverse product purchases among the consumers.
As reported by Economic Times, K Ramakrishnan, Kantar’s Worldpanel Division’s South Asia Managing Director said, “With more and more women joining the workforce, the penetration and usage of the sector is only going to improve in the future.” He also added that Asia is the beauty hub of the world and countries like South Korea have been setting the bar high in the beauty trends across the map.
The survey also witnessed an upward trend of working women being a significant contributor to the cosmetics industry. As per the study, these women spend 1.6 times more on beauty products both online and offline than any average consumer. More than 150,000 makeovers were reported in the third quarter of the financial year of 2023 of Shoppers Stop.
It’s interesting to note that the upward trend has not been recorded for the whole country, but only for the top 10 cities like Delhi and Mumbai. Out of the Rs. 5,000 crore spent, 40 per cent of the products were reported to have been bought online. This is being reported as Idnia’s “cosmetic boom” as more and more young consumer behaviour is influenced by social media, while retailers’ endorsement accounts for one-third of the purchases.
Previously, consumers bought traditional beauty products like kajal and lipstick, however in recent times there has been a significant shift in the demands. Consumers now prefer to buy primers, eye shadows and concealers. Now, consumers make purchases based on specific events and everyday wear. As per the buying patterns, younger individuals prefer buying primers and tinted lip balms, while on the other hand, older individuals favour lipsticks and nail polishes.
