The cosmetics market in the Philippines is estimated to reach P45 billion in 2024, growing at least 4% annually.
Let’s look at some of the major reasons for this industry’s steady growth.
More affordable options
Let’s be real: Price does have a big say on our buying decisions. Remember those days when the few cosmetic brands available in the market were expensive? Good thing that in recent years, more local and international cosmetic brands have come in, and with more reasonable price tags. The combination of numerous options and their affordability makes cosmetics an easy sell.
Better quality, safer standards
The fierce competition in the cosmetics industry has pushed the envelope in manufacturing and materials use. A growing number of buyers have also been more conscious not just about the quality of production, but also of the raw materials used in the creation of their favorite lipsticks and foundations.
Cosmetic brands are leveling up by opting for smarter processes and safer standards when producing their makeup lines. From choosing premium, hypoallergenic ingredients to routine testing, the combination of top-class production and low costs makes today’s cosmetics more attractive to customers.
Strategic marketing leads to more sales
For the longest time, most makeup brands had been marketed to a Western audience, and Filipinos had a hard time looking for cosmetic products appropriate for their unique complexion. Sensing an opportunity, local companies stepped up and developed makeup suited for our skin type and climate. Brands like Happy Skin, Colourette, and Human Nature have been consistently offering blush-ons, foundations, and other cosmetics made for the Filipino skin.
Social media influence
Finally, let’s not ignore the influence of social media on cosmetics use, especially among the younger set. Influencers on platforms like TikTok and Facebook have been promoting cosmetics left and right. Did your favorite Tiktoker gush over a newfound makeup? Chances are, you’ll be buying that brand in a heartbeat.
So-called beauty influencers review top-selling products and endorse them to their large number of followers. Some brands even partner with influencers to create unique makeup lines stamped with their names. And because it’s now so easy to order online, direct conversion to sales from influencers’ endorsements can be accomplished in a snap, or rather, with a tap on the screen.
