The growth rate of China's cosmetics market ranks first in the world, and per capita consumption has unlimited imagination space-XJ BEAUTY

by:XJ BEAUTY     2020-03-08
The growth rate of China's cosmetics market is the highest in the world, and per capita consumption has unlimited imagination. Data show that the global cosmetics market reached 4880 US dollars in 2018, of which China's cosmetics market accounted for 12. With a share of 7%, China has become the world's second largest cosmetics market, and China has become a key country leading the development of the global cosmetics industry. China's cosmetics market is the second largest in the world, with a compound growth rate in the past ten years! According to statistics from Euromonitor, an international agency, 2009- In 2018, the global cosmetics market showed a fluctuating trend. Data show that 2012- The global economic recovery was weak in 2014. Although the cosmetic market scale continued to grow, the overall growth rate was relatively low; In 2015, due to the continued sluggish demand in the eurozone and the sharp economic recession in Brazil, one of the major cosmetic markets, the global cosmetic scale declined year on year, with a drop of 7. 5%. 3%; In the past three years, the global economy has rebounded, driving cosmetics consumption to rebound. In 2018, the global market reached 4880 US dollars, up 4% year on year. Among them, China's cosmetics market occupies 12. 5% of the world's total. With a market share of 7%, the market size of China's cosmetics industry has reached 4102 yuan, ranking second in the world after the United States (18. 3%). Although China's cosmetics industry has the second largest market in the world, it has become the first in the world in terms of market size growth. 2009- In 2018, the annual compound growth rate of China's cosmetics industry was 9. 9%, more than 3 in the United States. 3% higher than 6. 6 percentage points. Compared with the growth rate of the global cosmetics market, China has become an important market leading the development of the global cosmetics industry. It can be seen that although the scale of China's cosmetics market is not as large as that of the United States, the industry is in a stage of rapid growth and has more imagination space for future development. The rising space of per capita cosmetics consumption is broad, and the diversification of consumer groups drives the development of the industry. Compared with the countries with relatively mature cosmetics consumption such as the United States, Japan and South Korea, China's per capita cosmetics consumption in 2018 was 43 US dollars, it is only 1/5 or even 1/7 of the per capita consumption of cosmetics in these developed countries. With the growth of per capita disposable income of residents in our country, according to international experience, when a country's per capita GDP reaches 3000 US dollars, individual consumption has basically exceeded the demand for food and clothing and turned to pursue a higher quality of life. At present, China's per capita GDP has reached 9732 US dollars, and disposable income and consumption expenditure are showing a double growth trend, the level of residents' consumption demand in China has shifted from traditional consumption such as 'full and warm' to high-end consumption and personalized consumption. Therefore, with the trend of consumption upgrading in our country, the per capita consumption of cosmetics in our country is expected to continue to increase, further indicating that the growth space of cosmetics industry in our country is broad. In addition to the upgrading of residents' consumption in our country, the rise in income level may lead to an increase in per capita cosmetics consumption level, thus providing great development potential for the cosmetics market in our country, china's third-tier and fourth-tier cities still have huge consumption potential to be released, which will also be an important force in boosting China's cosmetics consumption market. According to the consumption data of 618 Tmall in 2019, from June 1-2, orders for more than 5000 items Tmall came from China's third-to sixth-tier cities. In particular, in the field of beauty, only 618 of the first two days, the sales of Juhuasuan beauty products from the third to sixth tier cities increased by 143%year-on-year, far exceeding expectations. With the rapid development of mobile Internet and e-commerce, the transmission speed of consumption wave has further shortened the 'consumption gap' between low-tier cities and first-tier and second-tier cities ', china's cosmetics market has begun to become the consumer home of youth groups in third-and fourth-tier cities. To sum up, China's cosmetics market has great potential and is expected to continue to drive the development of the global cosmetics industry. It is expected that the market size of China's cosmetics industry will exceed 4400 yuan in 2019; By 2024, the market size had exceeded 6000 yuan. The above data and analysis sources refer to the 'analysis report on market demand forecast and investment strategy planning of China's cosmetics industry' issued by the prospective Industry Research Institute. More in-depth industry analysis is in 【Prospective economist APP] , Can also communicate and interact with 500 economists/senior industry researchers. Source: prospective economist
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