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EXECUTIVE SUMMARY
Industry growth remains healthy in 2011
The global financial crisis, and the EU crisis which followed in 2011, continued to have a negative effect on the Bulgarian economy. However, beauty and personal care was not affected as seriously as most other industries, as most product types are considered necessities by consumers. Moreover, prices are not high, making savings on beauty and personal care unnecessary.
Premium cosmetics develop and grow
Premium beauty and personal care products were among the most developed in the review period. A strong performance slowed down in 2009 as the first major effects of the global financial crisis were felt in Bulgaria. High-income consumers, however, continued to spend on premium products; therefore the slowdown was not as serious as expected, and growth rates are predicted to return to pre-crisis levels once Bulgaria recovers from the economic downturn.
Multinationals conquer the leading positions
Most beauty and personal care multinationals retained or grew their retail value shares in 2011, at the expense of domestic manufacturers. In spite of the recent investments in quality improvement, major Bulgarian companies, such as Aroma AD and Rubella Beauty AD, are still unable to compete with the large multinationals. Thus, domestic players saw their retail value shares continue to shrink, as they are unable to dedicate significant financial investment to marketing and advertising. Furthermore, most domestic companies rarely innovate. Since few of them offer attractive new launches, their popularity declines as Bulgarians perceive multinationals to be more innovative.
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