Greece beauty market showing recovery signs

By Simon Pitman

- Last updated on GMT

Greece beauty market showing recovery signs

Related tags European union United kingdom

Greece has been undergoing a pronounced and prolonged downturn that has hit all aspects of the economy, but latest retail figures show that beauty is playing a part in the gradual recovery process.

Retail figures for the seven months period from February to August 2017, show that sales volumes were up by an average of 2,5%, according to ELSTAT.

The statistics also showed that for the same seven month period the value of retail sales in the country grew by slightly more than the volume figure, at 2.9% - a good indication that consumer spending power is on the rise.

Road to recovery

Greece was hard hit by the economic crisis that started in 2007, and as a result, the country’ GDP contracted by 4.8% in the period 2008 – 2011, making it the worst performing economy in Western Europe.

The rate of contraction has started to slow in recent years, and has just started to return to growth. In the final quarter of 2016, the economy was still contracting at a rate of 1.1%, but in the first three months of 2017 GDP grew by 0.4%.

Signs that the recovery will continue look positive, with the Greek government currently predicting that the GDP will grow by 2.0% in the financial year 2017.

L’Oreal reports strong growth in Greece

Yesterday the world’s biggest cosmetics company revealed its most recent results, for its third quarter to 2017, in which it earmarked the Greek market for its strong performance.

Although the Western European market was the country’s slowest performing geographical region, it stated that alongside markets such as the United Kingdom, Spain and Germany, the results for the Greek market were “extremely dynamic”.

However, L’Oreal is currently battling Greek competition authorities over a €2.6 million fine imposed over alleged price fixing.

L’Oreal’s fine, which has also been imposed on six of its biggest rivals in the country, was delivered last month, but company executives say they intend to fight it. 

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