Over the past few years Brazil has seen an influx of revenue in their booming beauty market. According to ABC News, a steadily growing new middle class and a population of working adults has contributed to a lot of money being spent on designer shampoos, lotions and cosmetics which has led to Brazil becoming a major center for the beauty industry.
According to ABC News, sales of beauty products in Brazil approximately hit $43 billion in 2011 which resulted in a growth of 142 percent in five years. This growth puts them in a position to surpass Japan as the world's second largest beauty market.
Cidalia Maria de Almeida is one of the many consumers of beauty products who is contributing to Brazil's success. Almeida is a seamstress living in Brazil who is a frequent shopper of beauty products. She stated to ABC News, "I can afford a little luxury every once in a while, a little something to make myself look good. I can try something new just because I want to see if it works."
According to ABC News, consumers like Almeida are buying more and more products due to a "hunger for novelty".
Hana Ben Shabat, a partner at the global management consulting firm A.T. Kearney, stated, "The potential in Brazil is really significant. The demand is high and continuing to grow. It's incredible because the consumption per capita is very close to what you're seeing in places like America and the UK. The population is very fashion-forward."
Many companies including Sephora are seeing the opportunity that Brazil affords and are investing. Sephora opened its first store in Brazil last July and became a success, according to ABC News.
L'Oreal the world's leader in beauty is also investing in Brazil. Blaise Didillo, who is the head of research and innovation for L'Oreal Brazil, stated that "investing in Brazil has become an effort to stay on top".
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