China’s beauty market is growing at a breakneck pace, but in some interesting directions that are unique
China has a rich history in cosmetics spanning centuries. However, the second largest market for cosmetic products in the world is rapidly changing not just in terms of size, as it looks to overtake the United States, but also in terms of consumers and how it works.
“The beauty industry is thriving,” says Cecilia Zhou, APAC Client Director of ecommerce marketing firm Edge by Ascential. “The market has been growing at a rapid pace over the past few years and, with all of the exciting developments that we’re seeing in the market, that growth is only set to continue.”
As China’s economy has prospered in recent decades, its middle class has grown and so has its spending power. Cosmetics and other beauty products feature prominently on the shopping list. But the cosmetics market here is diverging from the rest of the world in interesting ways. Skincare is ubiquitous, the male segment of the market is seeing unprecedented growth, and live streaming and the rise of domestic brands are also becoming new norms in the industry.