CosmoBiz Magazine September 2014 - Page 88

have also seen growth. Overall, the past year has been an interesting one for the European beauty market; profits have been down, and regulations have been up. The EU is continuing the process of enforcing its new bills. It’s likely that the manufacturers of cosmetics will still be adapting to the changes for a while to come. Asia G lobalization prompts changes from country to country, bringing ideas and trends of all sorts and forms. Above all recently, trends in beauty and fashion dominate the way the world thinks, causing consumers to want to improve personal appearance, the way they dress, and the choice of brands and products they buy. Consumers have the need to follow these trends in order for them to be part of the “in” crowd. According to research, this need to follow trends causes people to spend much more than they are actually willing to spend, increasing economic growth on certain countries. Therefore, wigs and extensions, beauty and personal care products help in improving the economy for most countries, and that includes countries of Southeast Asia. EU now fully backing the ban, other legislation may come around quicker; in the next few years we may see fewer countries that require testing. While the industry as a whole and several sectors in particular, such as hair care, have seen down swings, the market for home spa treatments has been experiencing a growth spurt. The trend is attributed to several factors; for one, studies have shown that European women are generally less likely to visit the spa. A 2013 Happi article reported, “just 6% of Italian women say they regularly visit a spa, compared to 4% of French and Spanish women and just 2% of German and British women.” Another aspect is time; a study by Datamonitor found that many women sited not having enough time as a major reason to avoid the spa, turning instead to the use of at home treatments. Datamonitor senior analyst, Ramaa Chipalkatti, listed a “recession based mindset” as another of the causes, “Since the global financi