With developed markets having more than 40% of purchases happening online, analyzing data and decision-making need to keep up with the faster-paced transactions. Upgrade data-tracking with dashboards that can track results in real-time.
In Europe, 40% of hair care products will be bought online by 2025. Germany, UK, and France will be ahead of the curve
Source: Hair Care – Worldwide. (n.d.). Statista
This will be critical as the hair care industry growth in Western Europe will be volatile with a forecasted peak in 2023, declines in 2024 and 2025, before stabilizing in 2026 and onwards. Develop a new competitive advantage during this volatile phase and especially when a sizable share of hair care consumers shift to online purchases.
Keep in mind to be selective of investments with digital marketing strategies. Not all the highest spenders in the industry deliver the best results in terms of building brand awareness. Establish a 1st-party data strategy to learn more about your current consumers and leveraging the insights to convert new potential customers.
High total company ad expenditure as a percentage of revenue does not directly translate to high brand awareness
Source: (1) Beiersdorf. In Statista. ; (2) Estée Lauder. In Statista. ; (3) L’Oréal. In Statista. ; (4) Avon Products Inc.. In Statista. ; (5) Coty Inc.. In Statista. ; (6) Procter & Gamble Inc.. In Statista. ; (7) Unilever. In Statista.
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Hair care report is here: Hair care Industry.
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