Prospects by Jean-Paul Agon
“Exemplarity and non-financial performance are just as important as financial performance”
by Jean-Paul Agon
Jessica: Each year, the cosmetics market is continuing to grow steadily. In your view, which key factors made the market dynamic in 2019?
The cosmetics market was very dynamic in 2019, growing between +5.0% and +5.5% . It was driven firstly by the same fundamental economic, demographic and sociological trends seen over the last few years: globalisation, the rise of the middle and upper income classes, and the emergence of new targets, including seniors and men… More recently, growth has also been fuelled by other factors, and primarily of course by the digital revolution. Because beauty has vast potential in terms of engaging with people on the Internet. Then there is e-commerce, extending the reach of the beauty sector to far greater numbers of consumers all over the world, well beyond the possibilities of traditional retailing. Another factor is the huge appetite of younger generations for beauty products, especially in the new markets. And last but not least, the “premiumisation” of the market. More and more consumers want to trade up to products offering both higher performance and superior quality.