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当前位置:首页 > 办公文档 > 总结/报告 > 瑞银全球美容行业全球美容业什么对消费者来说仍然是美好的201941028页
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,CFAAnalystpinar.ergun@ubs.com+44-20-75686885StevenStryculaAnalyststeven.strycula@ubs.com+1-212-7131428GustavoPirasOliveira,CFAAnalystgustavo.oliveira@ubs.com+55-11-35136520JenniferHanAnalystjennifer.han@ubs.com+82-2-37028802HisaeKawamotoAnalysthisae.kawamoto@ubs.com+81-3-52086270CharlesEden,ACAAnalystcharles.eden@ubs.com+44-20-75689622CareySloaneAnalystcarey.sloane@ubs.com+1-212-7138695KateRusanovaAnalystkate.rusanova@ubs.com+44-2075689285UBSEvidenceLabinside:GlobalBeauty10April20192ContentsGlobalbeautymarket–asnapshot................................................3UBSEvidenceLab:ConsumerInsights............................................5(1)PurchasingbehavioursinBeauty.........................................................5(2)Smallbrandvslargebranddebate....................................................16(3)Channels:wherearetheconsumersshopping?.................................18PinarErgun,CFAAnalystpinar.ergun@ubs.com+44-20-75686885StevenStryculaAnalyststeven.strycula@ubs.com+1-212-7131428GustavoPirasOliveira,CFAAnalystgustavo.oliveira@ubs.com+55-11-35136520JenniferHanAnalystjennifer.han@ubs.com+82-2-37028802HisaeKawamotoAnalysthisae.kawamoto@ubs.com+81-3-52086270CharlesEden,ACAAnalystcharles.eden@ubs.com+44-20-75689622CareySloaneAnalystcarey.sloane@ubs.com+1-212-7138695KateRusanovaAnalystkate.rusanova@ubs.com+44-2075689285JihyunLeeAssociateAnalystjihyun.lee@ubs.com+82-2-37028810NikOliver,ACAAnalystnik.oliver@ubs.com+44-20-75684982RobertRamptonAnalystrobert.rampton@ubs.com+44-20-75682014RobertKrankowskiAssociateAnalystrobert.krankowski@ubs.com+44-20-75681152UBSEvidenceLabinside:GlobalBeauty10April20193Globalbeautymarket–asnapshotTheglobalBeauty&PersonalCaremarkethasaretailvalueofUS$490bn(includingsoapandgrooming–seeFigure6fordetails)andhasgrownata+4.7%CAGRsince2008.ThelargestBeauty&PCmarketistheUS(18%ofglobalretailspending),followedbyChina(12%),Japan(8%)an
本文标题:瑞银全球美容行业全球美容业什么对消费者来说仍然是美好的201941028页
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