China Market Trends (2023)

Meiyume’s Spotlight Trend Report

Meiyume’s Skincare Expert Comments

July 2023 –
“ Due to the negative impact from global economic climate and slower economic recovery, China consumers become more rational on their beauty and personal care spending in 2023.

As a result, more innovations are expected on skinimalism and multi-function products, which will provide fast and value-for-money beauty solutions for real life needs, e.g. tinted primer with sun protection.

Due to hectic lifestyle and over-facial skin care, more and more younger consumers are suffering from sensitive and acne-prone skin. Back-to-basic Dermo skin care, which helps to restore both physical and biochemical skin barriers, are getting popular.

“Perfume” is the new “lipstick”. Consumers are now fond of boutique fragrances for their personalization needs as well as boosting overall welling.

China is a highly digitalized market with social and ecommerce, continuous innovations in eye-catching packaging is becoming a competitive advantage. Popular IP cross-over e.g. Disney.

Continuous premiumization in body and hair care are expected driven by both local and international brands with higher product efficacy and well-being boosting fragrance.

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The China Market, at a Glance

China is projected to maintain a steady GDP growth rate of 4.3% YoY from 2021 to 2026, solidifying its position as one of the key global markets.
In 2021, the beauty category in China is expected to experience impressive growth, with an increase of 19.4%. Looking ahead, by 2026, it is estimated that the beauty category will account for a significant 67% of China’s overall Beauty and Personal Care (BPC) market. At that time, the market size is expected to reach a substantial 78.2 billion USD.
Despite the challenges posed by the pandemic, the personal care category is forecasted to maintain steady growth over the next five years. A year-on-year increase of 3.3% is expected, indicating a positive trajectory for the industry.

3 Key Micro Trends to Watch

Skinification – This trend has influenced other categories, such as color and body care, prompting them to incorporate ingredients commonly used in facial care products.
Dermo-Treatment-Like products – with the popularity of dermatological treatments, the skincare category is innovating formulations and packaging that emulates the professional effects of such treatments on the skin.
Mircobiome – to simplify their focus on beauty, Chinese consumers are increasingly prioritizing their skin’s microbiome to maintain healthy skin.

Source: Euromonitor, Mintel, WGSN

Meiyume

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