Despite increasing geopolitical tensions, rising nationalism and Covid fears, imports of consumer goods grew 8.2% in China last year. Sales of domestic goods contracted 3.9%. Chinese consumers’ historic pursuit for beauty helped see imported cosmetics as one of the biggest drivers of this growth, with their value rising over 30% according to China’s Ministry of Commerce (MOFCOM) figures published last week.
The strong growth in cosmetics imports further reinforces the attractiveness of foreign skincare brands, and is well timed to coincide with the launch of our China Skinny Skincare Tracker this week. The Tracker is an interactive dashboard providing up-to-date, actionable intelligence for China skincare categories, overlaying ecommerce data with a quarterly consumer survey. It is like an online Disneyland for China cosmetics aficionados, providing granular insights to assist with game-changing decisions that will allow you to spot trends and keep up in the dynamic category.