Sales: Cosmetics industry with another record year

Sales: Cosmetics industry with another record year

Germany’s personal care and detergent industry has generated more sales this year than the year before, despite generally weak consumption. And the industry expects further growth in 2024.

Despite the weakening economy, consumers gave the cosmetics industry in Germany record sales in the year that ended. The IKW industry association for the personal care and detergent industry is predicting further growth for 2024: According to the forecast, domestic business is expected to increase by 2.5 percent to around 21.7 billion euros.

In the current year, consumers at home and abroad are likely to have spent 33.4 billion euros on shampoo and deodorants as well as detergents and household cleaners made in Germany, according to estimates by the Personal Care and Detergent Industry Association (IKW). That would be 8.4 percent more than a year earlier, as the association in Frankfurt calculated. Domestic sales are expected to increase by 8.6 percent to 21.1 billion euros, and export business is expected to increase by 8.1 percent to 12.3 billion euros in 2023.

Increased prices for energy and raw materials

“Cosmetics are the small luxury of everyday life – especially in difficult times,” says IKW Managing Director Thomas Keiser, referring to the increase in sales in an environment characterized by sharp price increases and global crises. It’s not just consumers who have been struggling with high inflation for months; almost two thirds of IKW member companies say they are also heavily burdened by increases in the costs of energy and raw materials.

According to its own information, the association represents a good 440 companies with a total of around 50,000 employees. According to the association, IKW member companies represent 95 percent of the German market.

Source: Stern

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts