"Health and Beauty Specialist Retailers in Spain" is now available at Fast Market Research

Health and beauty specialist retailers recorded negative growth for the fifth consecutive year during 2014, declining in current value by 2%. Amidst the turmoil of the economic recession, some retail channels in Spain were more negatively affected than others. Spaniards, for instance, were less reluctant to reduce spending on essential items such as groceries, reducing spending instead on less essential items in industries such as consumer health and beauty and personal care, especially the latter. As a result, during 2014, the majority of Spanish consumers continued to reduce their expenditure on the types of products sold through health and beauty specialist retailers whilst continuing to focus on unit price as the key parameter of the decision-making process.

Competitive Landscape

The competitive landscape in health and beauty specialist retailers in Spain is highly fragmented due to the importance of independent outlets, particularly within chemists/pharmacies, the channel which accounts for the majority of sales and outlets in health and beauty specialist retailers. In Spain, a special license required from the authorities before one can open a chemists/pharmacies outlet. As a consequence, chained companies are not allowed to enter the channel, as sales of certain medicines are limited to traditional chemists/pharmacies. The opening of a chemists/promises outlet is strictly regulated according to various considerations such as the population in the outlets catchment area and its distance from other chemists/pharmacies outlets. Position, the price of opening or purchasing a chemists/month outlet can often be between three and four times the annual turnover of the outlet, which means that entry into this channel is restricted to cash-rich investors.

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Industry Prospects

The outlook for the Spanish economy over the review period seems fairly optimistic. No more tax increases are expected, unemployment rates have already begun to recede and consumer confidence is on the rise again. However, these signs are expected to take longer to reach consumers’ wallets, especially when it comes to health and beauty items, which are not considered to be a priority among the majority of Spaniards. According to one source, “A woman who just got a new job after two years of being unemployed would definitely prefer to spend her first paycheque on food or even a new pair of jeans rather than on a nail-care kit”. As such, consumer demand for consumer health and beauty and personal care products is expected to remain quite weak for much of the forecast period, resulting in health and beauty specialist retailers increasing in value at a CAGR of just 1% at constant 2014 prices.

Report Overview

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