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Facial essence segment driving the beauty sector!
Essence, a type of high-end skin care product, is the fastest-growing segment, and possesses an unchallenged position in the beauty market.
According to a 2020 Report on the Development Trend of Chinese Cosmetics issued by netvoices, amongst the body care and essential oil segment on Taobao and Tmall platform, sales volume of masks and facial essence in basic facial care segment hit the highest level, of which the latter reached RMB 18.908 billion in 2019, an increase of 58.1% compared to the year before, which greatly impacted its market position.
According to the 2020 Women's Consumption Trend Report released by JD Big Data Research Institute, on March 8, the sales volume of facial essence increased by 152% compared with same date last year. The hot selling of essence reflected consumers' increased pursuit of skin care products featuring remarkable efficacy.
Will essence, a "hottest product" in recent years, keep its strong momentum in 2020 and continue to lead the market?
Considering the "early aging skin crisis" effect, essence segment captures the hearts of young people.
Essence segment is winning the "anti-aging" market of young people. The post-90s and 95s have become the mainstream consumer groups and "die-hard fans" of the essence segment.
Present-day "mid-age men and women" are overwhelming interested in anti-aging and body maintenance, with the facial essence market gradually becoming the mainstream consumer goods of young people. Thanks to these new consumer groups, the sales of facial essence have soared.
According to the insightful report Consumption Trends in Four Major Industries: Re-reading Consumers released by Alimama, the "early aging skin crisis" has spurred the trend of "rejuvenation". In the field of beauty and makeup, the trend of youthfulness is prominent, even in the category of essence, which traditionally focuses on anti-aging effects. For consumers of 19-24 years old, the typical purchase price of anti-aging products like essence and eye care has risen rapidly, indicating consumers' concerns about "early aging" and "anti-aging".
With the increase spread of "early aging skin" concept, the essence segment is constantly inspiring young people for its deep, efficient, nourishing and repairing effects. The anti-aging market continues to soar, driving further development of the essence segment. At the same time, the essence segment has become the key R&D project of beauty brands, an important factor when brands want to venture into the high-end market.
It's worth mentioning that essence has become one of the most popular skin care products endorsed by celebrities and beauty KOLs which also caters to the general trend of essence consumption by young people. Through data analysis, Shiqu Insight Engine found that the top 10 facial essence skin care cases on Weibo in 2019 are all from cooperation between brands and celebrities.
Efficacy as priority, essence as the "core" for skin care
Improving the quality of life is an obvious consumption characteristic for millennials and a major reason why brands are targeting this segment of consumers. In reality, brands are breaking the traditional way that skin care brands divide consumer groups and trying to think outside the box of "what age to use what brand of skin care products" and focus more on practical aspects such as ingredients, efficacy and feeling.
Essence has become a popular category for all kinds of functional products such as moisturizing essence, anti-wrinkle anti-aging essence, repairing and soothing essence. Products with essence as main ingredient has quickly shot up the charts. Consumer’s interest in anti-oxidation and cell repair ingredients (anti-aging component retinol, anti-inflammatory and antioxidant resveratrol, astaxanthin effectively eliminating "free radical" that is the underlying cause of human aging, oligopeptides repairing blain, arbutin inhibiting melanin and anti-aging pro-xylane) has increased significantly, and various kinds of essence products with added repair ingredients have risen to market status of "dark horse".
All kinds of popular ingredients of essence make the category standout with word of mouth, impressing the beauty consumers who have an affinity to ingredients and concentration. With plenty of advocator for skin care ingredients, the facial essence is pushed to the frontline of skin care trend and will have an unprecedented broad market.
Driven by segment, essence searches for a brand-new Blue Ocean
Using the best essence for staying up all night has become a trend for mainstream consumers. Consumer demand becoming more specific is the hottest trend of 2020. Beauty brands are looking for opportunities to access that segment. Skin care products for night owls and does a deep care are driving the consumption for facial essence and late-night creams.
For the consumers that want to stay up late, and care for their skin, they have started an upsurge of brand-new skin care trends. According to the report Truth of Staying up and Midnight Economy, the most significant consumption development is in facial essence and eye care, with late night sleepers spending more and more on these two segments. In order for night owls to party on, more money needs to be spent on products that reduces the effects of sleep deprivation.
As consumers purchase more sophisticated cosmetics, beauty brands began to subdivide the segment as a breakthrough to explore a new Blue Ocean. Facial essence, as a necessary product for staying up late, will shine.
With the skin-deep penetration care concept, development of beauty ingredients, rise in younger generation’s concern for anti-aging, and the vigorous promotion by KOL and social media, we believe that the essence products in 2020 will have more development!
2020, The era of essence, Unstoppable!
(Some data are collected from Taobao and Tmall, 2020 Report on the Development Trend of Chinese Cosmetics issued by netvoices, 2020 Women's Consumption Trend Report released by JD Big Data Research Institute, Truth of Staying up and Midnight Economy and Consumption Trends in Four Major Industries: Re-reading Consumers released byAlimama, Social Marketing Research Institute & Weibo Data Center, and etc.