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Greece’s cosmetics sector to grow 4%-7% in 2024

Cosmetics prices recorded an average increase of 6%-7% in 2023

Τhe cosmetics sector in Greece is expected to grow by 4%-7% in 2024, marking a significant slowdown compared to 2023, a year in which the turnover of the sector is estimated to reach 1.3 billion euros, increased by 22% compared to 2022, according to the Hellenic Cosmetic, Toiletry & Perfumery Association (PSVAK).

Cosmetics prices recorded an average increase of 6%-7% in 2023. High prices, inflation and turmoil in the Red Sea affecting the supply chain have had a negative effect on the consumption of the sector. However, despite the difficulties, the sector has recorded a continuous increase in its economic activity over the last 5 years, resulting in a positive cumulative change of 10.6% in the period 2011-2022.

According to the 2023 Greek Trade Report, despite the slowdown in the growth rate, the performance of the sector continues to move (quite) higher, in relation to the General Trade Cycle Index. The positive performance is also linked to the digital transformation in the businesses of this category. Based on recent data, consumers seem to trust online orders more and more for their purchases.