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2023 China's beauty industry: changing in response to the trend, competing for internal strength
2022 is a year full of variables in the beauty market.
1. Epidemic + consumption off-season
National Bureau of Statistics January-November total cosmetics retail sales of 365.2 billion yuan, down 3.1% year-on-year, August-November is a continuous negative growth.
Two landmark events in the year's first half, the ebb of beauty collection stores and the cold of 618, foreshadowed the standard pressure at the retail end. The new beauty collection stores, represented by Colorist, Wow Color, and Black Hole, have been closing to varying degrees since May, while traditional brands Watsons, Sasa, and Joy (bankruptcy filing in progress) also announced losses in the first half of the year in China.
The first-line market was affected by the impact of the epidemic on logistics and supply chains in first-tier cities, the absence of head anchors Li Jiaqi and Weiya, and last year's 618 was also called "the coldest in history" by the industry.
2. Tough environment accelerates brand bifurcation
-flow dividend faded, the rationalization of consumption, the beauty competition brand power, and the product power era came. From 618 to Double Eleven, the top three of Tmall beauty TOP10 are firmly occupied by L'Oreal, Estee Lauder, and Lancome. $L'Oreal SA Unsponsored ADR (LRLCY.US)$ $Estee Lauder (EL.US)$
Despite the pressure from foreign brands, domestic brands such as Proya and Winona as skincare brands. Florasis and Caitang, as beauty brands, have repeatedly topped the list, proving that tearing away the "big brand flat replacement" label and finding their unique competitiveness is the long-term plan for developing local brands. $Proya Cosmetics (603605.SH)$ $Bloomage Biotechnology Corporation Limited (688363.SH)$
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