Nykaa: Consumers not yet cutting back on discretionary items
25 July 2022, Mumbai:
Premium personal care retailer Nykaa has remained unaffected by the consumption slowdown as consumers are not yet cutting back on discretionary items like skincare and cosmetics.
Nykaa brings makeup, cosmetics & beauty product offers.
Anchit Nayar, the CEO, of Nykaa, says, customers are slightly more evolved as the slowdown hasn’t yet impacted consumption. Secondly, consumers consider beauty as a small luxury and have made it part of their everyday lives, he adds.
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The e-commerce company for beauty, wellness, and fashion products has partnered with over 3,000 brands and 22 global brands who sell their products on Nykaa’s platform.
Most of Nykaa’s huge portion of sales comes from smaller towns in Tier II and III cities as consumer behavior in these towns mimics that in big cities due to growing access to social media.
Around 60 percent of Nykaa’s sales come from smaller towns -- Tier II, and Tier III cities, indicating universal access to information, a lot of that through social media but also through platforms like Nykaa where a consumer sitting in a small town in Assam can get access to the same information in a large city like Mumbai, adds Nayar.
Currently, the most popular products sold on Nykaa are from active skincare brands like Derma Cosmetics indicating a shift in consumer priority towards beauty and wellness.
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