Survey Report: Skincare Routines and Spending Behaviors in Taiwan - October 2020
All Taiwanese female consumers are showing budget growth on skincare products and cosmetics. Those aged 16-19, in particular, have increased their budget the most (16%). However, for groups aged over 20, the elder they are, the less the budget. Those between 40-50 are rather conservative in spending.
- Budget for skincare/cosmetics sees a huge growth in our Oct report, which is also the biggest budget growth for the past 6 months. But the growth is still not as big as medicine/health supplements and life necessities in people's post pandemic life.
- As it is getting cooler, more than 60 of female believe they will use hand cream and facial cream more often.
- Consumers are planning to spend more on most skincare items. More than 30% want to try more pricey brand for essence, eye cream and beauty oil because they want to try something new or they see no visible effects with what they are using now.
- Switching products in the marketing strategies. To accommodate to their needs, brands can promote hand cream, essential oil and beauty oil, whose demand goes up because of the temperature drop, or strongly advertise on hand cream, cream and face cream that can be used more frequent than ever and will not be overloading the skin.
- To gratify people's need for novelty, brands can give away sample skincare set or offering small size trial kit. On the other hand, they can also make luxury items more affordable. Attract the customers first and retain them with second purchase discount.
Download the report here!