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Robust beauty industry ahead thanks to more quality demand

The beauty retailing market will continue strong growth through 2020 to reach 338 billion yuan (US$50 billion), thanks to the high demand for skincare products despite less buying frequency, a latest report shows.

65 percent of consumers say that they spent more on facial skincare in 2015 compared to 2014, indicating that facial skincare remains a key driver of the total beauty retailing market, according to research agency Mintel.

Despite reported increases in spending, Mintel research reveals that consumers are buying beauty products less frequently.

All beauty and personal care categories surveyed by Mintel saw declines in purchase rates during the three months to October 2015. The greatest declines are seen in categories such as hair beauty products, beauty supplements and fragrances, falling 32 percent, 28 percent and 26 percent respectively.

Total retail sales of cosmetics in China grew 12.3 percent to reach 204.9 billion yuan in 2015.

"The beauty retailing market seems resistant to decline and this is mainly because the dynamic development of the facial skincare market," said Chen Wenwen, Senior Beauty and Personal care Analyst at Mintel.

"To leverage their passion and spending power, it is essential for both retailers and manufacturers to engage them via mobile platforms," she added.

As many as 44 percent of consumers used a mobile device to pay when buying beauty/personal care products online in the three months to October 2015. This number has doubled since 2014 when 21% of beauty/personal care consumers used mobile payment methods.


 

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