Vietnamese women spend billions of dollars on imported cosmetics
According to data from Trade Map of the International Trade Center (ITC) and the World Bank (WB), from less than 500 million USD in 2011, the value of cosmetics imported into Vietnam has increased. more than $1.1 billion in 2016. This figure is forecast to continue to double, to about $2.2 billion by 2020.
According to a market research report by Euromonitor International, the size of the Vietnamese cosmetic market, with 90% being imported, surpassed the US$1 billion mark two years ago with annual growth regularly reaching 2 children. number. The share for this item in the total budget of consumers is estimated by experts to increase to 1.2% in the next 3 years, compared to 0.4% in 2011.
Vietnam's cosmetic import value is estimated at more than 1.1 billion USD in 2016. Source: ITC Trademap and Worldbank
According to data from ITC, Singapore, EU, Thailand and Korea are the economies holding the highest market share in cosmetic exports to Vietnam. Particularly for the European region, while cosmetics imported from France and Italy have decreased recently with the rate of 16% and 3% respectively, Spain, Germany and Ireland are rapidly replacing them with a growth rate of 2%. -16%.
According to data from the General Department of Customs, in the first two months of 2017, the import value of fragrances, cosmetics and hygiene products from Singapore to Vietnam has reached nearly 30 million USD. Other countries such as Italy, France, South Korea, Thailand reached from 2 to 7 million USD.
The European Union - Vietnam Trade Network (EU - Vietnam Business Network - EVBN) in a recently released report said: "Most of this growth comes from urbanization, the exposure to international media and an increase in consumer power”.
Topping the list of cosmetic products imported into Vietnam are perfumes (accounting for 55%) and makeup products (make-up, accounting for 21%). The remaining product lines such as hair care, shaving creams and essential oils account for 2% – 8%.
Perfume and makeup in Vietnam market according to data from the International Trade Center, are the two product lines with the strongest increase in price, reaching 27% and 10% respectively.
According to a survey at stores and businesses selling imported cosmetics and beauty care products in Vietnam, the average price is from a few hundred to a few million dong depending on the brand, in which the high-end product group (high-end) costs up to tens of millions, even hundreds of millions of dong.
"The value of a lipstick of several million, a set of skin care products of about 20-30 million is not rare and not too much for many customers who are passionate about beauty products," a representative of an importer shared. shall.
According to the European Union - Vietnam Trade Network (EU - Vietnam Business Network - EVBN), the South and South Central regions are leading the country in the trend of consuming beauty products with a large scale. more than 67% of the whole market, the North region accounted for nearly 30% while the North Central region only accounted for about 3,13%.
According to a recent report released by Kantar Worldpanel, an organization that researches consumer behavior, there are 80% urban consumers who buy at least 1 beauty care product in a year. The proportion of spending on these product lines accounts for about 25% of total spending on personal care.
The survey of this organization also shows that, on average, each consumer spends about 104,000 VND per purchase of beauty care products, 41% higher than the amount spent on ordinary personal care products. . In particular, the popular product groups according to a recent Kantar survey are makeup remover, sunscreen and lipstick and lip balm.
Source: Kantar Worldpanel
“The Vietnamese beauty market is still in the process of development. This is an opportunity to capture market share and win valuable rewards for those who lead the trend and know how to lead consumers, because today, knowledge about beauty as well as beauty methods has been popularized. access more", experts of Kantar Worldpanel commented. This research firm also said that with about 20 million Vietnamese women between the ages of 15 and 39 (accounting for 40% of the female population), cosmetic brands have a potential land to exploit.
Despite the trend of buying lower-priced products in many categories, cosmetics is still a relatively unchallenged field with high-end, high-priced products today. For example, today's consumers have spent more on higher-end hair conditioners, skin care products, and makeup, instead of previous low-priced options.
Le Hang (collect)