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A series of increases in cosmetics prices and causes


Introduction

As COVID-19 calms down to some extent, the demand for cosmetics is increasing as consumers begin to take off their masks. However, for some reason, a series of price hikes have continued.

The extent of the increase

The cosmetics industry is raising prices in the second half of this year following the first half of this year, and the range varies from brand to brand, but ranges from at least 4% to up to 25%.

LG Household & Health Care's luxury brand "Whoo" has raised prices of some products by 4.5 percent on average, while AmorePacific's "Etude House" has also raised prices of some products.

Estee Lauder Group also raised prices in August after raising prices in January this year.
Their flagship product, "Advanced Night Repair," called "Brown Bottle Serum," has seen a 5 percent price increase.

The 'Eau De Parfum' perfume of the Swedish perfume brand "Byredo" was increased by 3 to 4%.

As such, many cosmetics brands are increasing their product prices following the first half of this year.

Cause of increases in cosmetics prices

Cosmetic experts analyze that such a price increase was predicted. Typical reasons are as follows.
  1. Increase in the price of cosmetics ingredients such as palm oil and glycerin
  2. Suspension of palm oil exports in Indonesia
  3. A surge in the dollar exchange rate
  4. A surge in consumer demand
  5. Difficulties in logistics supply and demand due to the Russia-Ukraine war
Also, as logistics costs continue to rise, industry insiders predict that further price hikes could come.

Source

- Image by Frauke Riether from Pixabay

Location: South Korea

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