S. Korea's cosmetics market foresees 6.2 pct rise in 2009 despite downturn

SEOUL, Dec. 10 (Yonhap) -- Even in times of economic downturn, women will keep
buying lipstick and mascara gels, right?

That's what Amorepacific Corp., a major South Korean cosmetics maker, is
expecting. The firm predicted on Wednesday that the nation's cosmetics market
will grow a modest 6.2 percent to seven trillion won (US$4.8 billion) next year.
The report from Seoul-based Amorepacific said that despite the recent economic
gloom, the nation's cosmetics market grew 10.6 percent from a year ago in the
first 11 months of this year.
"While domestic consumption is expected to remain sluggish next year, the local
cosmetics market is likely to maintain its growth momentum," said an official at
Amorepacific.
Analysts say sales of cosmetics goods are typically robust in an economic
down-cycle, or even in a recession, because they offer the cheapest way for women
to look good.
As major advanced economies such as the United States and Europe are sinking
deeper into a recession and China's growth is slowing, South Korea's
export-dependent economy is faltering.
The International Monetary Fund recently predicted South Korea's economy to grow
two percent next year, which would mark a sharp reversal from a five percent
expansion in 2007.
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