The demand for cosmetics and personal care is growing more rapidly as in the recent trend the population has become more serious with the health. The health and beauty items in the retail market of Hong Kong are gaining more attention as these types of products totally transform the life style of the consumer. Moreover, with the growth in demand of cosmetics and personal care products, the major retailer of health & beauty items is exploring their business on the e-commerce platform. The key retailers are introducing latest technologies for making effective and attractive product at a reasonable price which make the market more profitable and fruitful for both the consumer and retailers. Unsurprisingly, the significant increase in disposable income and drastic development in the economy are the key factors for leading the growth more significantly. Moreover, the key players have formed so many strategies and policies for acquiring the highest share across the globe more effectively.
According to the report analysis, ‘Health & Beauty Retailing In Hong Kong, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are currently functioning more actively to meet the demand of potential consumer and acquiring the highest share in this category of retail market includes Mannings, Sa Sa, Watsons, Bonjour, Nu Skin, OSIM, DFS, Colourmix, Aeon, Eu Yan Sang and several others. Meanwhile, out of top 10 retailers, six retailers registered a decline in sales of this category product in 2017.
Not only has this, the report provide huge analysis and forecast the retail market with the health and beauty category which includes market dynamics, consumer trends, Hong Kong retail environment, business environment, market share of retailers, data for historic and forecast retail sales with the changing economic and demographic factors and development in the technologies.
The health & beauty segment is expected to result the fastest growth, at 5.9% CAGR during 2017-2022 whereas, the retail market of Hong Kong is anticipated to grow at a CAGR of 3.5% during 2017-2022. Moreover, with the significant growth and extensive development in the economy with the upgradation in the disposable income is set to operate the sector sales. However, the online retail grew more rapidly to become the second largest channel of distribution whereas, the specialist retailers lose its share. The citizenry of large youngers and significant growing the usage of smart devices drive the online sales. Moreover, the key retailers are introducing the growth with the surging online sales while in-store sales decline. Furthermore, the key players are working effective working with the efficient planning and strategies for dominating the highest share.
The key players are determining the consumer trend more significantly and establishing latest technology which is very much helpful for both the consumer and retailer. Therefore, in the coming years it is expected that the health and beauty retailing in Hong Kong will grow more significantly with the extensive usage of latest technologies on the firm over the decades.
To know more, click on the link below:-
Ankur Gupta, Head Marketing & Communications