With Gen Z shaping consumption trends, China's beauty and skincare market is undergoing enormous changes.
In 2024, the market dimension reached ¥420.15 billion, achieving a moderate 8.4% year-on-year growth. Sales peaked in January, May, and October, reflecting seasonal purchasing patterns.
However, under this increase lies a shift towards greater rational spending, as mid-to-low priced merchandise now dominate the market due to their strong cost-performance ratio.
The industry continues to witness a "Matthew Effect", where leading and mid-tier brands capture an growing market share. While global giants like L'Oréal and Estée Lauder remain dominant, domestic brands are rising rapidly. For instance, Prelongy topped the market with ¥11.16 billion in sales, while Hansub grew to became the second local brand to break into the top 10 rankings.
This surge is fueled by innovation in product development, marketing strategies, and consumer engagement.
Key trends consist of the expansion of sunscreen into multi-functional "pan-sunscreen" products, which mix UV protection, anti-aging, and brightening benefits.
The category grew 3.1% YoY, with hybrid products like sunscreen foundations gaining popularity.
Meanwhile, the compact powder market surged 43.5% YoY, driven by emotional branding and functional upgrades-domestic brands like Florasis and Babara led this growth with high-value packaging and strategic marketing.
Another remarkable trend is the rise of the male beauty economy, as younger male consumers increasingly embrace skincare and makeup. Brands like L'Oréal are capitalizing on this shift with targeted products and celebrity endorsements.
Looking ahead, brands must prioritize innovation, consumer insights, and omnichannel integration to thrive in this dynamic market.
As Chinese consumers are looking for practicality, emotional appeal, and holistic experiences, the beauty industry presents vast opportunities for those who adapt to evolving demands.
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