BUSINESS

Cosmetics market holds its ground

DESPINA KONTI

TAGS: Economy

The domestic cosmetics market appears to be stabilizing this year after the 38 percent decline it recorded from 2009 to 2016 due to the economic crisis.

Both wholesale and retail sales of cosmetics are expected to end up on the same level as last year, with the main difference being the 6.5 percent annual increase projected for facial care products, according to estimates by the Panhellenic Association of Industries and Representatives of Cosmetics and Fragrances.

Consumers appear to be spending more on facial care products based on natural ingredients this year, as well as customized products – with ingredients based on the needs of each individual user.

Retail sales are projected at 899 million euros this year while wholesale turnover is seen reaching 671 million. This follows a 2 percent increase recorded last year compared to 2017.

The association noted that selective distribution channels and pharmacies are this year showing strong growth in cosmetics sales, confirming the interest of consumers in a more personalized service.

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