Canadian market research firm Leger has released its highly anticipated 2024 Brand Momentum study, offering a comprehensive analysis of brand performance across various industries in Canada and the United States. This year’s edition features a special focus on the Canadian skincare market.
The study, unveiled during a recent webinar hosted by Luc Dumont and Tracey Berkenbush, employed a methodology to evaluate brand strength and vitality. Leger surveyed 2,505 Canadians about 15 different skincare brands, assessing factors such as visibility, differentiation, and perceived value for money.
One of the most striking revelations from the study is the dominance of The Ordinary in the Canadian skincare landscape. The brand secured the top position with an impressive momentum score of 29.3, significantly outpacing its competitors. Canadian consumers overwhelmingly praised The Ordinary for its quality, innovation, and uniqueness, with 72% of respondents rating its quality as superior to competitors.
Following The Ordinary in the rankings were Aveeno (19.3), Youth to the People (18.9), The Inkey List (17.3), and CeraVe (17.2). These scores reflect a combination of current brand strength and future growth potential.
The study also shed light on key factors driving consumer decisions in the skincare industry. Meeting specific skincare needs emerged as the primary consideration, cited by 23.3% of respondents. Value for money and overall appeal tied for second place, each influencing 12% of consumers’ purchasing decisions.
Luc Dumont, senior vice-president at Leger, emphasized the strategic importance of the Brand Momentum Index for CPG clients. “Our robust Brand Momentum Model not only measures current brand performance on validated key drivers of purchase behaviour but also forecasts future potential,” Dumont explained in a statement. He added that these insights enable brands to make informed decisions to enhance engagement, loyalty, and long-term success in an increasingly competitive market.
The study’s findings have significant implications for both established and emerging brands in the Canadian skincare industry. With consumers placing high value on quality, innovation, and specific need fulfillment, brands may need to reassess their product development and marketing strategies to align with these preferences.
For those seeking more detailed information, the full study and a recording of the explanatory webinar are available on Leger’s website. The resource offers in-depth analysis and data visualization.
