Consumption upgrade to improve the consumption expenditure space of beauty cosmetics
Thanks to the consumption upgrading in China and the development of beauty social platform, the beauty industry in China has developed rapidly. The total sales of beauty market, including skin care, make-up, perfume and personal care, increased from 4 1 1 billion yuan in 20 15 to 862 billion yuan in 2020, and the compound growth rate from 20 15 to 2020 reached 16.0%.
With the improvement of per capita disposable income and personal consumption capacity in China, the long-term trend of consumption upgrading in China has led to the increase of per capita beauty expenditure in China. However, the per capita expenditure on beauty products in China is still lower than that in other mature markets.
In 20 19, the per capita expenditure on beauty products in China was USD 49.5, which was USD 253.0 and USD 282.9 respectively, and that in Japan was USD 308./kloc-0. This shows that the per capita beauty expenditure in China still has five to six times room for improvement.
Beauty e-commerce has developed rapidly
China is the largest and rapidly developing e-commerce market in the world, and the beauty industry is one of the consumption categories with the highest penetration rate in the e-commerce market, with an online penetration rate of 45.5% in 2020.
With the rise of social media e-commerce and KOL related to beauty cosmetics, the e-commerce of beauty products has provided more convenient and extensive choices, and consumers in China have turned to e-commerce platforms. In addition, coronavirus pneumonia-19 further accelerates online shopping. In 2020, the total retail sales of China beauty products in the e-commerce market will reach 392 billion yuan, with a compound growth rate of 27.4% from 2065438 to 2020.
The beauty e-commerce industry is ever-changing, and the demand for personalized marketing strategies, multi-channel operation capabilities and technical solutions is increasing, which urges beauty brands to cooperate with service providers providing all-round implementation services to obtain comprehensive services including information technology solutions (such as manufacturing management tools such as enterprise resource planning system (ERP) and customer relationship management system (CRM), online store operation, marketing, customer service, warehouse and performance).
At present, the scale of e-commerce service of beauty brands in China is the largest among consumer goods, accounting for 3 1.4% of the beauty e-commerce market, and it will be 654,380+23 million yuan in 2020.
For more data, please refer to Foresight Industry Research Institute's Market Prospect Forecast and Investment Strategic Planning Analysis Report of China Beauty New Retail Industry.