Beauty is one of the fastest growing sectors in the retail industry, and is set to grow by over £15bn by 2020. Retailers that have never explored beauty before are now launching own-brand beauty ranges or fascias to maximise offerings. Retail Gazette unpacks this growing appeal.
Sahar Nazir of Retail Gazette talks to Naeem Arif
n 2013, research showed that shoppers were happy to pay 30 per cent more for their beauty items at high street favourites Boots and Superdrug.
Just over six years later, many retailers who once did not have a beauty division are now launching their own version of beauty items, while dedicated beauty retailers – such as Space NK and The Body Shop – are thriving on the high street.
Inevitably, the more crowded the beauty market becomes, the more difficult it will be to connect with customers. Retailers have arguably ventured into beauty to maximise their offering.
Beauty products are something customers will often want to try and feel before they buy. According to Naeem Arif, NA Consulting, “it is common to see people spend a lot of time in a store trying different combinations of product to get the right product, sometimes for a relatively inexpensive price”.
Undoubtedly, this allows retailers to capitalise from customers spending more time in store, as well as the likely increase in footfall.
This arguably works well within department stores or grocers, where customers initially visit for more reasons than one, and would come across a beauty offering in a convenient supermarket setting.
Read the full article here –