The beauty market is a highly competitive industry and has been growing at a fast pace over the past few years. The development of social media, smartphones, and internet have provided a new channel for the consumers to buy beauty products and services. The penetration of the internet and digital channels into the markets is increasing day by day. Some of the key factors that are driving the growth of the Chinese beauty market are: 1. The increasing disposable income of the Chinese population 2. Greater disposable spending power of the younger generation 3. The rising number of people who are interested in learning about and experimenting with beauty products and services
The Chinese Beauty Market – Forecast and Development
The development of the Chinese beauty market is guided by two main forces: the changing lifestyles of the Chinese people and the industry’s response to these trends. The Chinese people’s increasing focus on health and well-being is reflected in the growing number of beauty products and services being offered. Both public awareness of and interest in improving one’s beauty are increasing. These trends are causing a revolutionary change in the beauty market. In the past, beauty was mainly associated with ideals of young, thin models and actresses. But with the growing popularity of social media and beauty blogging, the concept of beauty has been redefined. Users are now looking for beauty that is natural, sustainable, and healthy. They want to feel beautiful and confident, both physically and mentally. They also want to look pretty and attractive but not too pretty.
Key Success Factors of the Chinese Beauty Market
Success factors of the Chinese Beauty Market can be broadly divided into branding and distribution, product quality, and selling price. Branding and distribution – The Chinese beauty market has been largely influenced by the rapid development of social media. After being banned in China in 2011, Facebook was widely accessible again in the country in 2015. The advent of Weibo, a widely-read Chinese social media platform, and its associated advertising mechanism has significantly boosted the market share of Chinese beauty brands. In addition, WeChat, the most popular smartphone app in China, has also helped in boosting the market share of Chinese beauty brands. Product quality – The fundamental quality that determines the success or failure of any beauty product is its quality. Studies have shown that a higher percentage of consumers prefer products that have received a high score in terms of quality. This is because consumers want to be sure that they are receiving a high-quality product. The average rating received by Chinese beauty products is above 4.5 stars, compared to below 3.5 stars for Western beauty products. Selling price – Excessive marketing and expensive products have led to low sales and a low profit. Consequently, it is important for brands to find a reasonable price point so that they can profit from the beauty market. However, due to the rising number of people who are interested in learning about and experimenting with beauty products and services, the demand for high-quality products is expected to grow at a rapid pace.
The Chinese Beauty Market – Market Size, Reserve & Trends
The size of the Chinese beauty market is expected to reach $23.1 billion by 2022, up from $15.6 billion in 2016. This is largely driven by the growing number of consumers who are actively seeking out beauty products and services. In 2016, the average consumer spent $1,049 on beauty products and services, up from $777 in 2010.
How to Achieve Success in the Chinese Beauty Market
The makeup industry in China is still in its infancy, with only a few major brands established over the last decade. Some of their products are available exclusively in China, including the Maybelline New York Forehead &uction and the Cover Girl Pro-Xensational Eyes. However, the market is expected to significantly expand in the years to come, with online shopping key to the growth strategy. In order to succeed in the Chinese beauty market, brands need to focus on three key areas: branding, distribution, and selling price. Branding – Brands are key to the survival of the Chinese beauty market. The ZhongKui Beauty Group owns a large portfolio of beauty products and brands, which includes makeup, skincare, and household chemicals. However, the success of a brand depends on how well it is represented in the customer’s possession. Therefore, it is crucial for brands to invest in their products and marketing campaigns to ensure their long-term success. Distribution – The second pillar of success in the Chinese beauty market is distribution. The expansion of online shopping and social media, particularly Weibo, has dramatically increased the reach of brands, enabling them to reach a much wider audience. However, without an effective distribution strategy, brands cannot expect to achieve significant growth in the coming years. Selling price – Finally, the key to long-term success in the Chinese beauty market lies in the selling price of products. If a brand’s products are too expensive for the average consumer, or the market for such products is very small, then the brand will fail. However, if the market for the product is big enough to sustain a large number of sales, then the brand will have a successful run.
The Chinese beauty market is expected to experience intense competition in the years to come. The increasing popularity of social media and beauty blogs, coupled with the increasing use of smartphones, has caused large numbers of people to become Lesotho-African migrants in search of employment. This is set to change the face of the beauty industry in China in a big way, with social media, smartphones, and internet being used as a shopping channel. As people become more and more conscious of their beauty and beauty products, the demand for high-quality products will rapidly rise. With more and more people opting to buy high-end beauty products, the market for these will expand at a rapid pace. The development of social media, smartphones, and internet have provided a new channel for the consumers to buy beauty products and services. The penetration of these channels into the markets is increasing day by day. Some of the key factors that are driving the growth of the Chinese beauty market are: – The increasing disposable income of the Chinese population – Greater disposable spending power of the younger generation – The rising number of people who are interested in learning about and experimenting with beauty products and services