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Bulgarian Beauty: Resilience and Aspiration
By: Gregory Grishchenko
Posted: January 5, 2010, from the January 2010 issue of GCI Magazine.
page 3 of 3Despite the ongoing economic downturn and its declining population, Bulgaria has better prospects of recovery due to its benchmark personal income (lower than in Western Europe as a whole), low production costs and an educated labor pool. Current forecasts from Euromonitor International show modest 2–3% average growth for the 2008–2013 period, with the highest growth rate in bath/shower products (3.5%), sun care (3.1%) and premium cosmetics (2.6%).
Gregory Grishchenko is a packaging consultant and independent market and technology specialist based in the U.S. He has carried out extensive research on Eastern Europe and the countries of the former Soviet Union, and is the author of several reports on the Eastern European packaging, converting and printing sectors. E-mail: email@example.com.