Chinese facial skincare market sparks radiance
Print Edition
THE face of beauty in China is set to stay radiant as its beauty retail market will grow strongly through 2020 to 338 billion yuan (US$50.6 billion) amid high demand for skincare products, according to a latest report.
Facial skincare will remain a key driver of the overall beauty retail market because 65 percent of consumers said they spent more on facial skincare in 2015 compared with a year ago, a report by research firm Mintel said yesterday.
“The beauty retailing market seems resistant to the overall slowdown of China’s economy, and this is mainly due to the dynamic development of the facial skincare market,” said Chen Wenwen, Mintel’s senior beauty and personal care analyst.
Last year, total retail sales of cosmetics in China jumped 12.3 percent to 204.9 billion yuan.
Meanwhile, online beauty care retailers continued to squeeze market share from bricks-and-mortar stores.
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