Personal Care Appliances in Venezuela - New Market Report

From: Fast Market Research, Inc.
Published: Mon Mar 14 2016

Although imports were severely reduced in 2015 thanks to import restrictions, lack of foreign currency and lower purchasing power, cultural characteristics favour personal care appliances in Venezuela. Beauty matters to Venezuelan consumers, and they are willing to pay for any products which satisfy this need. Venezuelans are greatly exposed to images of physical perfection in all sorts of media, especially women, with a succession of successful Miss Venezuelas creating an underlying need to look better; a trend which is naturally more common amongst, although not exclusive to, female consumers. According to Euromonitor International’s research of consumer lifestyles in 2014, the stereotype of a beautiful woman or a handsome man is associated with fair skin, chiselled features, straight hair and tall, svelte figures. For a woman it is seen as a prime responsibility to look beautiful and glamorous. Also, men, as well as women, associate beauty with success in all different areas of life. So, beauty is considered a requirement to get ahead in life and work as evidenced by the popular saying: Good looks can open doors.

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Competitive Landscape

Colgate-Palmolive CA continued leading personal care appliances in 2015 with a 41% retail volume share. The company’s leadership was due to its Colgate brand, the leader in oral care appliances. Ranked second was Gillette de Venezuela with a retail volume share of 28% in 2015. Corporación Conair de Venezuela and Oster de Venezuela ranked third and fourth respectively, with retail volume shares of 8% and 7%. Hair care appliances was led by Conair de Venezuela with a 31% volume share. Body shavers was led by Rayovac Venezuela, with its brand Remington accounting for a 50% share of volume sales, and in other personal care appliances Conair de Venezuela continued being leader with 75% share of volume sales.

Industry Prospects

Personal care appliances is projected to see stagnation with a CAGR of 0% in the forecast period. Despite its growth potential, as demand for beauty and personal care products is high, limitation of imported products is increasing. Economic difficulties in the country are expected to limit the further penetration of these products. High unit prices are expected to continue to restrict growth, negatively impacting Venezuelans’ decision to purchase such products. In general, all brands of personal care are focused on the fight against a hostile environment to overcome the economic situation and continuing to sell in Venezuela with an attractive portfolio of personal care products.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Personal Care Appliances industry in Venezuela with research from Euromonitor's team of in-country analysts.

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