Global economic and political changes and uncertainty are dampening consumer spending on personal care products.
The majority of consumers globally say that they would either buy cheaper or fewer personal care products in light of economic or political changes or uncertainty in their country of residence, according to GlobalData’s Q1 2017 consumer survey.
Luxury and non-essential products are the first casualties of weak growth or uncertainty so it is unsurprising that personal care products will face pressure from consumers.
Most heavily affected are consumers in countries such as Greece, Argentina and Brazil, where austerity measures and high political uncertainty are causing consumers to cut back spending on non-essentials.
By contrast, consumers in Japan, Denmark, and China, countries experiencing either growth or relative stability, are less likely to reduce spending in personal care.