Consumer Buying Pattern of Fairness Cream
Journal Title: IJAR-Indian Journal of Applied Research - Year 2015, Vol 5, Issue 7
Abstract
The Indian economy, Asia's third-largest, has been growing briskly at above 8 percent for the last couple of years. Indian cities dominate a new catalog of the world's fastest-growing 100 cities in terms of urbanization, with three cities in top the 10. Globally, despite the worldwide economic slump, the personal care market in India has been growing at 13 percent per annum. The personal care product market is valued at USD 5.7 billion; its wellness service market was assessed at USD 2.9 billion in 2010. The personal care industry is directly aligned to the demographics of the region that it serves. With the median age at 25 years, India is among the world’s younge-st na tions, as compared to 43 years in Japan and 36 years in the US. In addition, the country’s population base of 1-.2 bil lion is estimated to rise to 1.5 billion by the end of 2030. Urbanization will also increase by 45 percent in the next 30 years. In recent times, Indian consumers have been looking for newer shopping experiences and products. Consumer concentration has shifted from traditional offerings to new generational ones; for instance, demand for soap cakes has shifted to liquid soaps, and shaving creams to foams and gels. It is quite evident that the cosmetics and toiletries industry in the developed markets is close to saturation and growth has slowed down. Meanwhile, countries such as India, with its growing economy, offer a lucrative market for large multinationals. As per a recent study by the Confederation of Indian Industries (CII), the Indian color cosmetics and skin care markets have been increasing for the last two years and have recorded a growth rate of 20 percent in 2010. Consequently, this market has already experienced the entry of several brands, including MAC Cosmetics, Ch-an nel, Givenchy, Versace, Red Earth, The Body Shop, Christian Breton, ArtDeco and MAX Factor. Several of the foreign players are expanding; for instance, Baccarose is expanding its Parcos brand cosmetics stores, as are the MKP and Cosmos brands. This report demonstrates that now is just the right time for global cosmetics and skin care companies to participate in the growth story. According to some researchers the Indian personal care industry will witness 25 percent growth rate in the next few years. The Emerging Market Forum declared that the per capita income of India is expected to increase about 18 times by 2039, while disposable income for households is estimated to grow three times by 2025. Globalization, rise in incomes, greater awareness about self needs and a change in Personal Care Products.The annual value of personal products business in India, including oral care, hair cares and skin cares products, is currently estimated to be Rs 54.6 bn. Just five years ago personal products were considered to be luxury items and attracted a high excise duty of 120% (except the oral care category). These factors have been the catalysts in the exponential growth rate in the personal product category over the past five years.Personal care products are further divided into 6 categories: Oral care • Hair care - oils • Hair care - shampoos • Skin care • Cosmetics • Feminine Hygiene
Authors and Affiliations
Dr. B. Rajendran, S. Manoharan PG
Keywords
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