Impact of COVID-19 on the Global Children’s Cosmetics Market
The advent of the global pandemic, COVID-19, has resulted in a global crisis across the world. The outbreak has disrupted the growth of the personal care industry across the globe. The consumers are majorly emphasizing essential personal care and hygiene products, including hand sanitizers, hand wash, hand soaps, tissues & wipes, and household cleaning products, among others. Improvement in the current lifestyles of individuals has propelled the growth of the cosmetics market at a global level. Moreover, consumers have now become aware of the use of cosmetics in their daily life. In the case of children’s cosmetics, the growth of the global market witnessed sluggish growth over the last couple of months. Due to the extended lockdown, the adults and children are stuck in their homes and following the respective government guidelines. Thus, the use of cosmetics is exceptionally limited among children, which is anticipated to act as one of the significant factors restricting the growth of the children’s cosmetics market. Apart from that, the schools are closed in several COVID-19 infected countries for a longer period, which has turned out to be significant factors for the sluggish growth of children’s cosmetics market. In the case of premium children’s cosmetic products, the sales are likely to observe a very slow growth even after the lockdown period. The per capita disposable income of the consumers has reduced drastically, and many people already lost their jobs during the lockdown period, which will change consumer preferences and tastes. As per the International Monetary Fund (IMF), more than 170 countries likely to experience negative per capita income growth owing to the novel coronavirus pandemic. Thus, the sales of premium quality children’s cosmetics are expected to reduce notably across the globe. On the other hand, regular or conventional children’s cosmetics are projected to witness considerable growth after the lockdown period. The consumers are facing massive difficulties in procuring the products during the lockdown period as the products are not widely available in the store-based distribution channel. Moreover, the low production of the products has led to a major demand and supply gap, which has surged the product prices over the last few days, majorly in the COVID-19 infected countries. Additionally, the sales of children’s cosmetics through e-commerce platform has surged rapidly, especially in developed economies. In the case of emerging economies, the reach of the e-commerce platform is limited in Tier-1 and Tier-2 cities. Thus, the consumers in other parts of the country are facing difficulties in procuring the product owing to the closure of several retail stores during the lockdown period.