Elite Excellence-Spanish Luxury Federation, in collaboration with The Arc Collection, has held for the second consecutive year the Beauty Palace, in Madrid. After the success achieved at the Palacio Gourmet, held last March, and the positive figures registered in its first edition, the Federation – recognized by the Ministry of the Interior – has repeated this itinerary, consolidating itself as a benchmark in the sector’s agenda.
“The beauty market is booming and is one of the most important and representative within the high-end and luxury sector. In fact, the market value of beauty, cosmetics and personal care is expected to rise and consolidate its position in the coming years”ensures Sandra Andujarpresident and founder of Elite Excellence – Spanish Luxury Federation.
In this same line, the beauty and self-care industry concluded 2022 with very positive results despite the consequences of the socio-sanitary crisis. Precisely, the revival of social life boosted sales.
As reported by Statista, the statistics portal, the market value of this sector in Europe already exceeds 50,000 million euros. In addition, it is estimated that the global value of beauty, cosmetics and personal care will reach 750,000 million dollars in 2024, 61.29% more than in 2017, according to data from a study by PHD Media.
With all that, skin care It is the one that leads the market share and is positioned, thanks to the new generations and the increase in life expectancy, as one of the most profitable.
Aware of this, the Palacio Beauty becomes the ideal showcase for one of the areas that generates the greatest interest in the luxury sector: beauty. With a total of one thousand visitors during the two days of the event, 33% more than last year, this meeting reinforces its position on the agenda of the Madrid capital.
During the conference, each of the beauty firms presented their products and services in the different apartments available in the Palace through different activities and workshops related to the sector: makeup tips, skin study and sensory experiences, among others.
Similarly, the Spanish designer Nicholas Montenegro took advantage of this appointment to present his latest collection ‘Sucedió en Sevilla’ for the first time in Madrid, after the success of the show just two weeks ago in Seville.
In addition to the designer, among the participants are renowned brands such as: ALQVIMIA, Germaine de Capuccini, FOREO, Ladenac, L’exclusivité, LELO, Miravia, Hush&Hush, Teoxane, Puré Skincare and Spain is Excellence.
“Thanks to this new presentation formula, we seek to achieve that exclusivity and optimum customer experience, so characteristic of the high-impact sector”says the president and founder of Elite Excellence – Spanish Luxury Federation.
Beauty in data for the luxury sector
He luxury beauty industry has experienced steady growth in recent years. The increase in disposable income and the change in the consumption habits of consumers, who are looking for more exclusive products, has led to an increase in the demand for these products.
If we add to this the rich tradition in cosmetics in our country, all this has promoted the development of national brands of great prestige and international recognition such as: Germain de Capuccini which, with a growth of 7.7% worldwide, has a consolidated presence in Europe and Latin America and now has a focus on Asia; Alchemywith a 20% increase in national billing and in full international expansion; vilahermanos, the latter with an increase in sales volume of 26% nationally and 20% internationally; among other.
In figures, according to the latest study prepared by Stanpa, the National Association of Perfumery and Cosmetics, it is estimated that for the period between 2021 and 2025, the beauty sector grows 14% worldwide.
Specifically in our country, this growth is also maintained, especially among personal care companies. With more than 30% of the national cosmetic market, it is the category with the greatest weight in this sector in Spain. In addition, it is positioned in the top 10 world exporter of beauty products and second in perfumes. In fact, the sector’s exports reached 6,515 million euros in 2022, which places them above sectors such as wine, footwear and olive oil.
In this line, from Miravia, an online platform specialized in fashion and beauty, they have recently carried out a study to find out the role that aesthetics play when it comes to expressing themselves for the new generations. A study where it is detailed that 73% of young people admit to feeling freer and with less complexes when it comes to publicly showing their own style.
On the other hand, it should be noted that, in terms of recruitment, this sector employs almost 300,000 direct and indirect jobs.
“The recommendations between users and the attractive marketing campaigns are indisputable for the beauty industry and its magnetism. Faced with the growing supply of brands and products, faced with an increasingly demanding and informed consumer, he demands more and more scientific evidence to certify said results. Luxury and personal self-care brands have the challenge of seducing the consumer, being more efficient, demonstrating results, being faithful to their values, and practicing good practices”, Sandra explains.
