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As Brazilians get richer, so do their tastes. That's certainly true for their consumption of beauty products.
“From a cultural standpoint, women in Brazil really take their looks seriously,” says Nik Modi, analyst at UBS. “Then you think about the Olympics , the income story, wage inflation and people getting more wealthy. It all bodes well.”
Brazilian consumers spend an average of $240 a year on beauty products, matching the consumption of more mature markets such as the U.S. and U.K., according to Hana Ben-Shabat, a partner at A.T. Kearney , a consulting firm that advises retailers on overseas expansion.
Over the next five years, Brazil's consumption of personal care and beauty products will outpace that of developed markets including the U.S., says Ben-Shabat, who co-authored a report that ranked Brazil the most attractive market for retail expansion.
With a growth rate of 7 percent to 8 percent a year, Brazilian sales are growing four times faster than the U.S. with its 2 percent annual growth rate, she says.
"The consumer is very open to new brands and testing new products," says Ben-Shabat. "It's the ideal consumer because it's willing to invest."
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