ECONOMY

Cosmetics turnover set to fall 11%

cosmetics-turnover-set-to-fall-11

Greek cosmetics firms are expected to show an 11% decline in turnover at the end of the year, ending a growth run that itself had followed seven lean years during the financial crisis.

According to data by market research firm ICAP, total turnover for Greek cosmetics firms will reach 772 million euros, in wholesale prices, from €867 million in 2019.

The reasons for this decline are: the lower income earned by consumers amid the coronavirus pandemic restrictions; the drop in tourism arrivals, which especially hurt small shops inside hotels, pharmacies, especially outside Athens, specialty tourist shops and so-called mono-brand stores.

Cosmetics shops that were also forced to close in spring will contribute to the decline in sales.

This drop will only be partially offset by gains in sales at supermarkets, pharmacies, and, especially, online; the e-shops of large retail players, such as Attica Beauty of the Attica superstores have posted triple-digit growth numbers so far this year. Cosmetics firm Sarantis, one of the strongest players in the domestic market, brought forward the launch of its Scarlet Beauty online sales platform.