Beauty companies whose biggest markets are based in Latin America, are bracing themselves for a difficult year ahead.
Growth forecasts for the entire Latin America region were slashed at the start this year. Brazil, a key driver of global beauty industry growth, has fared the worst: all economic forecasts are grim as the country faces difficulties on all fronts. Local consumers are tightening their belts and beauty companies might have to revert to tactics used in depression-gripped Argentina: value for money.
Long-term growth plans for all companies operating in the region will have to be re-evaluated. The current recession in the region still has no end in sight. According to The Financial Times it could be “the longest recession since the 1980s”.
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