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The recovery of beauty market in Russia

November 29, 2018

 

In recent years, there has been a fast- change in ​beauty market in Russian. Almost local cosmetic brands as well as private label gain the growth. Our below article will help you better understand about this market in Russia.

The growth of Russia’s beauty market after the crisis

In 2014, the rouble was fell down. The crisis in Russia happened which made people’s life in difficulty. So, no many people spent their money on luxury items such as cosmetic. However now everything is being changed. In 2017 beauty market in Russia reached the 6​th place in the world. Sale in traditional outlets increased 16% while there is a boom for online sales because now is the time of ecommerce. Consumers feel comfortable to shop online instead of going out or walking around to find what they want. This is a huge difference compared to 2014. 

There are many changes in Russia’s beauty market after the crisis/ pinterest.com

Due to the crisis, some of middle –range brands disappeared but the luxury segment was not affected by the crisis so much. When the crisis happened, many specialized chains invested to develop their private labels. These labels offer products in more affordable rate that more suitable for consumer’s budget. Major chains (L’Etoile, Ile de Beaute and Rive Gauche) applied big promotion offers as a part of their loyalty sale programmes.

One of the flagship category in Russia’s beauty market is perfumery. This sector overcame the crisis and is gaining the increase. Structure of this sector in the market is being changed because now Russian like to buy perfume in small size and they usually choose physical stores to test products before buying them. However, ecommerce websites offer the incredible low rate for these products on their site, so up to 57% of consumers are interested in shopping this line of products on internet. Local brand also seize opportunities by affordable, but qualitative perfumes to attract customers.  

One of the clear proofs for the growth of beauty market in Russia is the success of the 25​th annual InterCharm show in late October of this year. This show attracted over 1117 exhibitors from 38 countries with 71686 visitors. 

The crisis is not a nightmare for beauty brands in Russia with their luxury items anymore. Beauty market in this country will have a more bright future in the next years – you can believe this absolutely.

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