Being the world’s second largest economy, driven by a massive 1.4 billion population, China’s consumption for fast-moving consumer goods (FMCG) has rapidly grown to a leading position, along with its hunger for beauty products. In 2019, the annual report by L’Oreal concludes that their sales exceeded 29.87 billion euros with a 12% growth rate, and that China has become the number one in sales globally. Similar momentum and trend appear in the other leading beauty groups.
With skincare and makeup occupying the top spot in the consumer-friendly category, beauty products received a 164% turnover at the 2019 T-mall Double Eleven sales event. Mask, facial care, and lipsticks have been a fan favorite, while men’s care and fragrances are becoming a new trend.
After curbing the spread of COVID-19, China government has generated new measures to encourage residents’ consumption of high-quality products both online and offline, including increasing imports and setting up more duty-free shops. "Currently, Chinese are ushering in an era of consumption upgrades that attached more importance to development and enjoyment, providing strong support to create a robust domestic market," said Wang Yun, director of the consumption office of the economics institute at the China Academy of Macroeconomic Research.