More women want discounted beauty products
21 May 2014
Written by Alice Smithson
A survey has found that an increasing percentage of women refuse to buy beauty products at full price, instead only being prepared to purchase them when they are discounted. In 2013, approximately one fifth of respondents to the Premium Market Report stated that they only bought discounted beauty products. In 12 months, the figure has risen to one quarter.
Consumers are also becoming more sceptical of premium beauty products, with 44% of respondents believing that cheaper products are equally as effective as similar premium products. 14% of respondents had recently switched from buying premium products to purchasing cheaper alternatives.
These results may seem disheartening to salon managers, particularly those who rely significantly on sales of premium products, but it’s not all bad news. Consumers are taking a step back from online shopping and are again seeing the value of the high street, with the number of consumers preferring to buy in-store increasing from 35% to 39% in 12 months. Again, perhaps this is a sign of increasing scepticism _ consumers want to be sure of the quality of the product they’re purchasing before they buy it.
The survey suggests that brands that hadn’t previously discounted heavily are now in a much stronger position than those that had resorted to slashing prices. Salons can increase their product revenue by introducing carefully planned discounts rather than cutting prices across the board. Adopting salon management software will provide you with the data you need to make these discount decisions with confidence that they’ll succeed. Book a demo of our salon management software to see how it could help you manage your salon retail sales in future.
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