YASO has announced the release of its inaugural trends report, “China Next: A Changing Beauty Space.”
“With an annual growth rate of around 5% and a market value of $67.18 billion in 2023, China’s beauty and skincare market offers almost unrivalled potential. Accelerated by increasing disposable incomes, an expanding middle class, a strong cultural emphasis on self-care, and the rise of highly creative domestic players, China’s personal care market is undoubtably one of the most dynamic in the world. It is no exaggeration to define China as one of the cornerstones of growth and innovation across global beauty and skincare.
Yet beyond this top-line growth, the Chinese consumer landscape continues to undergo significant transformation in the post-Covid world. A changing economic environment, shifting social norms and pressures, tightened regulation of the channel ecosystem, and increasing cultural confidence are all shaking up the ways in which Chinese shoppers discover and purchase beauty products.
This report seeks to unpack some of these trends and changes, examining both the potential and the pitfalls of operating in the Chinese beauty space. Drawing on data and case studies from both Chinese and foreign brands, in this report we pick out some of the biggest shifts driving the sector forward, as well as the key product sub-categories to watch in 2024.”
To learn more visit goyaso.com