Consumers are looking for unique cosmetics

The popularity of high-end products has increased, and functions have taken precedence over brands up to July this year, the cosmetics market in Hungary has achieved a growth of 6%. Local consumers mainly use products from Germany and other EU countries. Recently, more attention has been paid to new products, and Korean enterprises also need to pay attention. According to the latest data of Nielsen, a market research institution, Hungary's cosmetics consumption expenditure between August 2018 and July 2019 was HUF 13 billion (about US $41 million). During the period, it increased by 6 percentage points. According to KOTRA Budapest Trade Center in Hungary, there are about 12 million kinds of commodities circulating in the cosmetics market in Hungary. More than 94% of the consumer spending comes from the famous DM, Rossmann, Muller and other chain drugstores in Hungary. 

Most popular products are foundation, mascara and nail polish, which account for more than 20% of the cosmetics market in Hungary, which has increased by 9% over the period mentioned above. In particular, mascara accounted for 18% of the market, nail polish products accounted for more than 10%. Like most consumer goods, more than 80% of beauty products are imported from many European Union countries, with Germany as the leader. Therefore, in order to expand their brand and product market, European producers have set up branches, suppliers and agents in Hungary. Based on 2018, South Korea ranks 27th among Hungary's cosmetics importers. With Hungarian consumers' increasing attention to new products, the volume of transactions is expected to increase gradually. Sales marketing directors of nbspms.palincsar and dovex also said in an interview with KOTRA. Recently, the sales of Chanel, guerla, Shiseido and Clarins, the high-end cosmetics brands in Hungary, are also increasing, and the growth of high-end cosmetics is concerned. In particular, the sales growth rate of high-end series is the largest.