Turnover - Another record year for the cosmetics industry
Consumers have given the cosmetics industry in Germany record sales despite the weakening economy at the end of the year. The industry association IKW predicts further growth for the personal care and detergent industry in 2024: domestic business is expected to increase by 2.5% to around 21.7 billion euros.
In the current year, consumers in Germany and abroad are likely to have spent 33.4 billion euros on shampoo and deodorants as well as detergents and household cleaners produced in Germany, according to estimates by the German Personal Care and Detergents Industry Association (IKW). This would be 8.4 percent more than a year earlier, as the association calculated in Frankfurt. Domestic sales are expected to increase by 8.6 percent to 21.1 billion euros, while the export business is expected to grow by 8.1 percent to 12.3 billion euros in 2023.
Rising prices for energy and raw materials
"Cosmetics are the little 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. Not only consumers have been struggling with high inflation for months, but almost two thirds of IKW member companies have also stated that they have been hit hard by increases in the cost 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.
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Source: www.stern.de
