UK Prestige Skin Care Prices Up 7% in Q4 2021

 Many sectors of the beauty and personal care market have been impacted by rising retail prices, and prestige skin care appears to be rising in average selling prices due to international and regional issues. According to a survey by the global information company NPD Group, the average selling price of Prestige skin care in the UK in the fourth quarter of 2021 increased by 7% compared to the same period of the previous year. Average selling prices have risen from £ 34.80 to £ 37.38.

The products that recorded the most significant price increases were face masks (+ 11%), body creams (+ 11%), and eye treatments (+ 8%) in the skin care subsegment. Core products such as face cream increased by 3% over the same period, with a more modest rise in average selling prices. "With rising raw material, packaging and shipping costs, brands have little choice but to raise product prices to sustain their business," said Emma Fishwick, account manager for NPD UK Beauty. 

Sales of mid-range brands are on the rise as the average selling price of prestige brands rises. Midrange brands are usually about 60% cheaper than prestige brands. Looking at the skin care market share, midrange brands had a market share of 17% in the fourth quarter of 2018, but accounted for 25% in the fourth quarter of 2021. "One way for Prestige brands to grow in the future is to use more cutting-edge technology to differentiate their products from other players on the market," Fishwick said.

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