By  on February 13, 2009

The financial crisis has affected shoppers’ habits in Ukraine in many of the ways cosmetics executives might expect. Consumers are cutting back on luxury purchases, like, say, that imported, laboratory-engineered unguent containing deep-sea minerals, and opting for cheap and cheerful brands instead.

But some reactions are more unusual. For example: stockpiling cosmetics because their value is less prone to fluctuation as the Ukrainian economy goes into free fall.

“People are spending money on just about anything that isn’t perishable,” says Mykola Golovko, a research analyst specializing in Ukraine with Euromonitor. "Prices are going to increase, and at exchange counters, people want to buy dollars and euros, but they’re often not available. So everyday items in the last month or so have become a last-ditch means to save their investments."

 

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