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Marketing Research of World Financial Group
Marketing Research of World Financial Group - April 9th, 2011
World Financial Group (WFG) is a financial services marketing organization based in Duluth, Georgia that markets investment, insurance, and various other financial products through a network of associates in the United States and Canada. It is a wholly owned subsidiary of AEGON. WFG is a Network Marketing company that utilizes a system also known as Multi-level Marketing (MLM)
Color cosmetics that offer appearance-enhancing benefits along with anti-aging properties, are in a good position for continued growth. Increasingly, manufacturers are supplying goods that emphasize preserve and protect rather than just for cosmetic appearance, e.g., products to reduce wrinkles. The baby boomer and the working women demographic groups are key market sub-sectors, generating much of the demand. The increasing concern about sun damage and the entry of the 'baby boomer' generation into middle age are both leading to the wider use of color cosmetics with age defying properties.
The color cosmetics market in Australia is fashion focused, with consumers interested in products that offer new season colors. These colors are primarily determined by international catwalk fashion, which has a major influence on Australian trends.
Australian consumers are considered price conscious. It is common for Australian women to spend time shopping around for color cosmetics, rather than purchasing a number of items from one type of store. It is also common for the average income consumer to choose one particular color cosmetic such as a lipstick from a mass-market chain, and then select a premium brand such as a compact powder from a department store.
Brands associated with celebrities, particularly brands linked to makeup artists, are well received. Prospects are promising for color cosmetic limited edition ranges assisted by the support of world-renowned fashion designers. Australian consumers follow the styles set by their favorite movie stars or fashion icons.
MARKET SIZE FOR COLOR COSMETICS PRODUCTS US$ million
2006 2007 2008 (estimated)
Total Market Size 559 657 743
Total Local Production 420 485 549
Total Exports 89 109 123
Total Imports 228 281 317
Imports from the U.S. 79 96 108
Expected inflation rate: 3.8%
(Australian Bureau of Statistics)
The market for color cosmetics in Australia is estimated to be worth US$657 million in 2007. Through 2008, demand is expected to grow by 5 percent per annum, in line with growth in premium brands. This growth is partially influenced by the average price of color cosmetics increasing as Australian consumers increasingly target superior brands.
Imports valued at US$281 million supplied 42 percent of domestic demand in 2007. The U.S. import market share is 34 percent. Other major sources of imports of cosmetics are: France (16 percent of imports), China (7 percent), and the United Kingdom (7 percent).
Major U.S. companies, Revlon and Estee Lauder continue to be prominent. Revlon is the number one supplier of color cosmetics in Australia, primarily as a result of the continuing popularity of the Revlon and ColorStay brands. French companies, Christian Dior and L’Oreal (Lancôme, Maybelline, L’Oreal brands) are also amongst the top suppliers.
Future growth is predicted for the import of innovative and quality brands. Premium products are expected to experience strong growth in line with fashion trends that give preference to high quality products. A continuing demand for appearance enhancing products is creating favorable prospects for suppliers of foundation/concealer. This is particularly relevant to products that contain ingredients with anti-aging properties.
Growth is also occurring in lip-gloss and color palettes. Lip-gloss accounts for 14 percent of color cosmetic imports into Australia. Value added products such as lipsticks that have a plumping effect are popular, as are long lasting lipsticks. Convenient color palettes for quick touch-ups are also becoming more common. These multi-purpose color cosmetic products are for use on cheeks, eyes and lips. Mid-priced color palettes are particularly well received by working women, who appreciate the convenience of not having to carry numerous products in their purses.
Major U.S suppliers of color cosmetics into the Australian market include Revlon (Revlon and ColorStay), Estee Lauder, Avon, Elizabeth Arden, and Procter & Gamble (Cover Girl, Max Factor). Each of these companies offer comprehensive ranges targeting the mainstream consumer, with Revlon and Estee Lauder accounting for 19 percent and 16 percent of color cosmetic retail sales in Australia respectively. Other U.S. brands include Stila and Nars, both of which specifically target the younger consumer.
Domestic production offers strong competition to imports. Local players are providing a challenge to the major multinational cosmetic manufacturers. There has been considerable growth in makeup ranges developed by local companies, and for the most part, have been developed to meet a local market niche. These brands include Glamourflage, Mor, Bella and Chi Chi, all of which are based in Melbourne.
Positioned mid-range, the main target market for these brands is the younger consumer. The price points of these lines encourages the younger consumer, whose purchasing decisions are based on new trends, to continue interest in these brands.
France is also a major source of color cosmetics, with high-end brands such as Christian Dior, Clarins and Lancôme. L’Oreal, along with producing mid to lower tier brands Maybelline and L’Oreal Paris, supply premium brand Lancôme. L’Oreal operates an Australian subsidiary, maintaining a market share of 15 percent of color cosmetic retail sales.
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