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GlobalResearch10April2019UBSEvidenceLabinside:GlobalBeautyWhat'sstillBeautifulforconsumers?Addressingthreelong-terminvestmentdebatesthroughconsumerinsightsWeanalysedUBSEvidenceLabsurveyresultstoassessthreelong-termdebatesintheUS$490bnGlobalBeautycategory.Inthefourthwaveofthissurvey(4,000femaleconsumersintheUS,UK,France,Brazil)wefindthat(1)brandequitystillmatters,buttheimportanceofbrandnamealoneisdecreasing(whilethatofpromotionsisincreasing);(2)largebrandscontinuetomeetconsumers'needsbetterthansmallerones;and(3)specialistandonlinechannelsaregainingpopularityovertraditionalones.Debate1:Doesbrandequitystillmatter?Yes,butnoroomforcomplacencyWehaveanalysedconsumers'purchasingbehaviours.Priorexperiencewithabrandandthe'brandname'areamongthetopthreeinfluencersofpurchasingdecisions(promotionsisthethird).However,theimportanceof'brandname'hasreducedoverthelasttwoiterationsofthesurvey(particularlyinDMs).Wethinkbrandsmustinnovatetosucceed:thedesireto'trynewthings'isthenumberonereasonconsumersidentifiedforswitchingbrands.Theinfluenceofabrandnamealoneisdiminishing.Debate2:Willsmallbrandsbetheendoflarge/establishedones?Unlikely46%ofconsumersexclusivelypurchaselargebrands,while12%solelybuysmallones;i.e.largebrandsarefavouredbyamuchlargerpercentageofconsumers.Interestingly,smallbrandsarefavouredduetotheirlowerprice-notinnovativenessorquality.Moregenerally,largebrandshavesuperioralignmentwithconsumerneedsonthetopdriversofbrandselection.Theseconclusionsaresimilartothoseinthepreviousiterationsofthesurvey–wethinkinnovation,notbrandsize,isthekeyfactortosuccess.Debate3:Wherewilltheconsumersshopmore?SpecialtystoresandonlineDepartmentstores(offlineandonline)remainstheprimarypurchaselocationforkeyBeautysubcategories,witha26%shareoftheconsumer'stopshoppinglocation.However,dataindicatesrisingconsumerinterestinshoppingmoreatspecialistretailersandonlinechannels.Weseethisshiftcomingattheexpenseofdepartmentstores,supermarketsandpharmacies,where9-10%ofconsumersplannedtopurchaseless.Figure1:Sizedoesnotmatter;innovationdoes.Infact,consumersfavourlargebrandsoversmalleronesFigure2:SpecialiststoresandonlinechannelsarelikelytogainsharefromtraditionalchannelsSource:UBSEvidenceLabSource:UBSEvidenceLab46%41%44%52%44%50%56%12%13%11%10%13%10%12%42%45%44%37%43%40%38%Total18-3435-5455oraboveLowMediumHighAgeIncomeProductspurchased:largevssmall(2018)MixofbothSmallernichebrandsLargeestablishedmultinationalbrands-2%1%2%2%3%3%5%6%6%7%9%10%-3%0%3%6%9%12%Duty-freeshopOnlinegrocerystoresDepartmentstoreOnlinepharmacyDirectSellingGrocerystoresPharmacy/drugstorePhysicalbrandstoreOnlinedeptstoreOnlinebrandstoreOnlinespecialtybeautystoreSpecialtybeautystoreNetpurchaseintention2018EquitiesGlobalCosmeticsPinarErgun,[e-mail][e-mail][phone]GustavoPirasOliveira,[e-mail][e-mail][e-mail][phone]CharlesEden,[e-mail][e-mail][e-mail][phone]UBSEvidenceLabinside:GlobalBeauty10April20192ContentsGlobalbeautymarket–asnapshot................................................3UBSEvidenceLab:ConsumerInsights............................................5(1)PurchasingbehavioursinBeauty.........................................................5(2)Smallbrandvslargebranddebate....................................................16(3)Channels:wherearetheconsumersshopping?.................................18PinarErgun,[e-mail][e-mail][phone]GustavoPirasOliveira,[e-mail][e-mail][e-mail][phone]CharlesEden,[e-mail][e-mail][e-mail][e-mail][phone]NikOliver,[e-mail][e-mail][e-mail][phone]UBSEvidenceLabinside:GlobalBeauty10April20193Globalbeautymarket–asnapshotTheglobalBeauty&PersonalCaremarkethasaretailvalueofUS$490bn(includingsoapandgrooming–seeFigure6fordetails)andhasgrownata+4.7%CAGRsince2008.ThelargestBeauty&PCmarketistheUS(18%ofglobalretailspending),followedbyChina(12%),Japan(8%)an