High-End Personal Care Market Booms In India Despite Slowing Economy

India’s market for premium skincare and hair-care products and services continues to expand despite the economic slowdown in the country. Leading retailers, such as Future Group and Spencer, report their skincare lineups are growing faster than 20 percent on a same-store basis, boosted by high-end brands, such as Olay, Neutrogena, L’Oréal, and Jergens. Data from FICCI-PwC showed the wellness services industry has posted consistent growth rates of 20–25 percent for the past few years, while personal care has been the fastest-growing segment in the consumer business of electronics vendors Philips and Panasonic, growing at rates higher than 50 percent year on year. People’s desire to look and feel good during times of economic gloom is driving the high-end market, according to social observers and psychologists.