Chinese cosmetics is on the rise

Posted by Admin on March 16, 2021 in Brands in China

In the past, the beauty market has been occupied by foreign brands for a long time. Chinese consumers’ perception of domestic brands is cheap and poor in quality. Nowadays, the beauty makeup of Chinese products has sprung up and has been in unprecedented fashion, which is in sharp contrast with the inherent impression.

Previously, due to the popularity of South Korean films and TV dramas, South Korean beauty brands such as Innisfree, The Face Shop and ETUDE HOUSE were once sought after by Chinese girls, which directly promoted the improvement of South Korean cosmetics’ performance in China. In 2014, the export volume of South Korean cosmetics to China increased by 89% year on year, reaching as high as US $600 million, accounting for 31% of its total export volume, ranking first in the world. Since then, China has become the largest importer of South Korean cosmetics.

However, with the cooling of Korean wave, South Korean makeup has gradually declined in the Chinese market. At the same time, Chinese local beauty brands began to rise, Japanese beauty brands returned to the sight of consumers, and the market share of European and American brands in China also increased significantly. Strong competitors, as well as the rise of the e-commerce industry, accelerated the loss of South Korean makeup.

With the fundamental changes in consumer groups, channels and media, the era of Maybelline’s dominance has passed. Due to the quality problems, the sales of affordable cosmetics in South Korea are also declining year by year. Due to the lack of operation experience in Chinese e-commerce channels, it is difficult for emerging brands in Europe and America to grow rapidly in the Chinese market in the short term.

Florasis is a Chinese brand which has been rising rapidly in recent two years. In 2020, the GMV of Florasis Tmall flagship store is close to 3.2 billion yuan, an increase of 122% year-on-year. Florasis brand, full of Chinese style design, was born in Hangzhou, China on March 8, 2017. It is a makeup brand with the concept of “Oriental makeup, flower makeup”. Florasis explores the wisdom of beautifying appearance in ancient China, and aims at the skin characteristics and makeup needs of Oriental women, with the flower essence and herbal extracts as its core components, uses modern cosmetics development and manufacturing process to create a healthy, nourishing and suitable cosmetic product for Oriental women.

Besides, Perfect diary was founded in 2017, but it has become the second favorite Chinese  product of the post-2000s generation after Huawei. In the first three quarters of 2020, Perfect Diary’s direct channel revenue accounted for 91%, including 78% of online direct channel revenue and 9% of offline store revenue. The direct marketing channels cover 23.5 million consumers, and the per contribution income is 121 yuan. Perfect Diary is committed to exploring European and American fashion trends, combining the facial and skin characteristics of Asian people, developing a series of high-quality, well-designed and easy-to-use cosmetics for the new generation of women. The brand meaning of perfect diary is unlimited beauty. The brand concept of perfect diary advocates that the younger generation should not be bound by external labels, but strive to break through themselves, actively explore more possibilities in life and meet better themselves.

Chinese beauty products represented by Florasis and Perfect Diary occupy the minds of consumers with faster frequency and higher cost performance. Research data shows that in 2020, Chinese cosmetics market share has accounted for 56%. 42% of consumers said they would prefer Chinese cosmetics, and 90% said they would buy back Chinese cosmetics in the future.

In recent years, Chinese beauty enterprises continue to strengthen brand marketing and innovative product research and development. With the change of online, offline and overseas purchasing channel pattern, and the multi sales channel construction of cosmetics enterprises, the restrictions on space, region and channel are gradually reduced, and Chinese beauty brand enterprises usher in development opportunities.

When South Korea’s beauty stores were still struggling to expand offline, Chinese beauty stores had already used e-commerce platform and social platform to break the barriers of traditional marketing and achieve corner overtaking. Now, whether on Douyin, Taobao, Little Red Book, or Bilibili and other platforms, there are Chinese beauty products. In the first half of 2020, the content consumption of Chinese brands on Little Red Book platform increased by 65.9% year on year, far exceeding that of European and American brands and Japanese, South Korean and Thai brands.

The appear and fast development of Douyin, Little Red Book, Bilibili and other content platforms provides new scenes and consumer touch channels for Chinese cosmetics, compared with the TV advertising in low intimacy , consumers now more look forward to seeing the real use of experience, and the Little Red Book’s feeling of using notes, Douyin and Bilibili’s Internet celebrity video, which provides important reference for users when shopping. New brands directly reach users through new channels, in the round of dissemination, word-of-mouth has been precipitated.

In addition, with the rising of national cultural confidence, the new generation of young Chinese consumers prefer to express their feelings and cultural attitudes through the “Guochao”. They are more willing to accept the national beauty shared on Taobao, Douyin, Little Red Book and etc. They are not easily influenced by South Korean culture. Even if South Korea has some development space for high-end cosmetics in China, it is difficult to form the trend as before.

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