Impact of global financial crisis on Singapore’s beauty and cosmetics industry.
Monday, July 20, 2009
Aastha Gupta
Product Marketing and Management
April 09
Ayaz Furniturewalla, general manager of Elizabeth Arden’s distributor market and travel retail in Singapore says that “Beauty is recession-proof. Even when the economy isn’t doing well, people still need a little distraction to feel good about them.”
For majority of the Singaporeans, beauty is a ‘must-have’ rather than a luxury.
Irrespective of the slowing economy and the growing financial crisis, the beauty products and the cosmetics industry in Singapore remains upbeat. Above all, this industry is expected to maintain the current pace of growth next year also. A small survey conducted by a marketing research company also showed that despite the job losses and the deep economic recession that the country has faced till date, seven out of ten Singaporeans will continue to spend on beauty products and services. Those who wanted to cut their spending on beauty products like cosmetics said that they would just switch from designer labels to house brands.
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