3 trends that make China's personal care market worth exploring
China reported its fastest economic growth in seven years earlier this year, with a gross domestic product increase of 6.9% in 2017.
Disposable income and consumption levels are on the rise, and the growing affluence of Chinese consumers has gradually seen cosmetic and personal care products become a necessity rather than a luxury.
According to a report by Statista, the retail trade revenue of cosmetics in China grew from RMB19.5bn in March 2016 to RMB21.49bn in March 2017.
And as of end of September 2018, the research company updated that figures had risen further to RMB22.2bn.
It's no surprise then that China is fast on the heels of the US in becoming the largest market for cosmetics in the world.
Its sheer size aside, the Chinese personal care market is noteworthy for other reasons. For one, its culture presents opportunities for new product innovations and several consumer-driven trends are unique to the territory.
Two buzzwords oft heard in the C&T circle these days are 'anti-pollution' and 'blue light protection'.
Urbanisation and people's digital lifestyles have caused these concerns to surface, pushing consumers to demand solutions that help them cope with the damaging effects these choices have on their hair, skin and health in general.
In fact, owing to the intensity of pollution levels present in some Chinese cities, many multinational companies choose to conduct their R&D for anti-pollution products in China.
Disclaimer: Echemi reserves the right of final explanation and revision for all the information.
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