Boston, MA -- (SBWIRE) -- 06/24/2014 -- Polishes posted a moderate retail value sales decline of 3% in current terms in 2013 to register a value of US$485 million. Shifts in consumer attitudes towards household chores in terms of both cost and convenience negatively affected polishes over the course of the review period. Consumers have become highly apathetic towards rigorous cleaning and have increasingly opted for more-convenient ways to maintain household surfaces. Polishing often involves a fair amount of physical labour, and can only be done after the product to be polished has been cleaned. The extra work here is an inconvenience that many are no longer willing to put up with, particularly in light of innovations that have been available within surface care, such as the proliferation of multi-surface cleaners and wipes. In addition to this, the economic crisis and the slow recovery afterwards resulted in many consumers reducing their expenditure on relatively non-essential products, a category that polishes increasingly falls under. The sole exception here is metal polish, which has thrived thanks to the widespread popularity of stainless steel appliances.
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Kiwi Brands continued to be the leading player in polishes in 2013, accounting for a retail value share of 26%. This leading position was based solely on the company's strength in shoe polish, in which it accounted for a retail value share of 76%. As the Kiwi brand name is almost synonymous with shoe polish in the US, many retailers choose to stock only the Kiwi brand in their shoe care aisles, as is evidence by the company's increasing value share over the review period. In April 2011, Sara Lee finalised its sale of Kiwi Brands to SC Johnson & Son, effectively increasing the operator's value share of polishes from 26% to 48%.
Over the forecast period, sales of polishes are predicted to decline at a CAGR of 2% at constant 2013 prices, falling to US$445 million in 2018. This will largely be driven by increasing consumer apathy towards work-intensive household chores. For the most part, polish products are not seen as convenient and, as a result, consumers will increasingly choose more-convenient alternatives, such as wipes or multi-purpose cleaners. Although these products normally require more-frequent use than polishes, they offer overall ease, simplicity and the instant results that many consumers desire.
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