For the cosmetics market which is comprised of makeup, skincare, hair care and other personal care products. The inflation was significantly higher than the reported 20-40% primarily because large parts of this segment is dominated by imported products and falling exchange rate and suspended imports caused massive price spikes all through 2022 and 2023.
Consumer spending on makeup fell drastically during periods of imposed lockdown and the famous "lipstick index" (referring to how even during periods of economic downturn, cosmetics and makeup are seen as an affordable indulgence) fell flat on its face. Sales plunged for lipsticks and other makeup articles throughout most of 2020.
Some good news was finally to be had this year as the Drug (Amendment) Bill, 2020 was approved in Punjab. We hope that this law gets introduced in other provinces as well and regulation of cosmetics, skincare and beauty products becomes a nationwide reality.