UK B2B buyers increasingly seek DIY beauty
tools as consumers pursue affordable alternatives for salon-like
results
LONDON, Jan. 22, 2024 /PRNewswire/ -- Alibaba.com, a
leading platform for global business-to-business (B2B) e-commerce,
today reveals its top B2B beauty trends. It has found that the
Beauty & Personal Care category is the fourth largest on the
platform and the UK is the second largest market, falling closely
behind the US.
An increased focus on wellness generally has led to a rise in
the category's growth. According to an insight published by
McKinsey & Company, e-commerce in beauty nearly quadrupled
between 2015 and 2022 and is expected to be the fastest-growing
sales channel.[1] Furthermore, Alibaba.com's data
highlights that the number of buyers in the beauty and cosmetics
sector has increased by 12% year-on-year. The UK is in the top
three core growth markets with 19% YoY growth, behind France (+24%), and Germany (+27%).
There is also increasing interest among B2B buyers in natural
makeup products. Alibaba.com's data projects a compound annual
growth rate of 7% from 2022 to 2031 for such products. In the UK,
there's been a 77% increase in buyer demand for epidermal growth
factor products, 55% for functional skincare sets, and 126% for
sunscreen products.
In light of inflationary pressures, B2B buyers are embracing
cost-effective DIY (do it yourself) beauty options. At the end of
last year, the average daily active buyers of nail art supplies
on Alibaba.com increased by 35.7% compared to the previous
year. Notable sector trends include nail artistry (up 46% YoY) and
nail painting (up 44% YoY). Additionally, nail equipment for beauty
shops and salons is gaining popularity, increasing by 59% YoY.
Roland Palmer, General Manager
of UK, Benelux and Nordics, Alibaba Group, said: "The
beauty sector is currently experiencing extraordinary growth, and
we are seeing the so-called 'Lipstick Effect' on Alibaba.com
first-hand. Consumers increasingly seek out wellness-enhancing, yet
affordable luxuries to look and feel good despite challenging
economic times. The recent growth in number of buyers of lipsticks,
nail products and other makeup items in the UK and EU
markets is encouraging and shows the sourcing strength
of the platform in these categories.
With the beauty industry projected to maintain its growth
trajectory through 2024, Alibaba.com is well placed to support
buyers unlock those trends, boost business resilience and drive
growth."
About Alibaba.com
Launched in 1999, Alibaba.com is a leading platform for global
business-to-business (B2B) e-commerce that serves buyers and
suppliers from over 200 countries and regions around the world. It
is engaged in services covering various aspects of commerce,
including providing businesses with tools that help them reach a
global audience for their products and helping buyers discover
products, find suppliers and place orders online fast and
efficiently. Alibaba.com is part of Alibaba International Digital
Commerce Group.
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[1]
https://www.mckinsey.com/industries/retail/our-insights/the-beauty-market-in-2023-a-special-state-of-fashion-report
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