Russians spend billions on beauty
Russians spend more than the Chinese, the Germans and even the Americans on health and beauty products, according to the latest research from AC Nielsen, one of the global leaders in market research.
Global spending on primping, preening and pampering top $US 180 BLN a year, according to AC Nielsen.
When it comes to health and beauty, Russians are the sixth biggest spenders in the world.
The market achieved 15% growth last year, far outpacing the rate of inflation.
“If you look at new launches, at the variety of new products, new categories, there are more and more non-food products. It is actually because you would like to look pretty, as well. It's very much driven by our nature,” pointed out Aleksandr Pismenny, Managing Director of Nielsen Russia.
But the market is dominated by established foreign players, with domestic rivals struggling to gain market share.
“Movies, international beauty papers, internet, TV series – I can give you a million various channels where we are exposed to those brands,” says Kim Nyberg, CEO (East Europe) of the global PR firm Hill & Knowlton.
In fact, image industry insiders say the sector globally is set to keep booming, as manufacturers generate new pampering products to cater to our vanity and advertisers convince us we will not look good without them.