Spain’s beauty and personal care product market continues to rebound from its recessionary past
Spain's personal care market is continuing to grow after years of post-financial crisis weakness.
Spain's cosmetics industry continues to mature and has turned in solid sales figures for 2017, reflecting the optimistic mood of the economy after the 'lost' years of the recession.
The International Monetary Fund raised 2018 growth forecasts for Spain from 2.4% to 2.8%, beating France, Germany and Italy. This follows 3.2% GDP growth in 2015 and 2016, with 1.9% forecast for 2019, according to the World Bank.
Spain's cosmetics industry association, the Asociacion Nacional de Perfumería y Cosmética (STANPA), reported a 2.15% increase for the sector in 2017 – its third consecutive year of growth.
More precisely, 46.4 million Spaniards spent €6.8bn on hair and skin care, cosmetics and perfumery in 2017, the equivalent of €147 per person, which compares favourably with the European average of €137.
Commenting on this growth, London-based market researcher Euromonitor International says that a fall in Spain's unemployment rate – now down to 16%, compared with 22% in 2015, "increased Spaniards' willingness to spend more on indulging themselves".
In a May report, it added that sales benefitted from increased value being put on "looking thin, young and fashionable . . .
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