Lately the demand for cosmetics has gone up in China which is mainly due to the rise in disposable salary of the Chinese residents. China has become one of the biggest consumer markets on earth. Even though the demand for cosmetics keeps growing fast in the backwards areas, big urban centers still comprise of most of the market share.
The major cosmetics organizations in China are L’Oreal and also Shanghai Jahwa. Shanghai Jahwa being one of the few makes that sell high-end cosmetics that have access to mall channels, its manufacturer Herborist has been successfully distributed in Spain, Netherlands, Portugal and other markets. Also Shanghai Jahwa was also the first to start Chinas first domestic skincare brand. The cosmetics classification in China mainly comprises of make-ups, perfumes, skin care as well as men’s Cosmetic Accessories.
Many international companies are eyeing for a larger market share within China such as Mary Kay and also Estee Lauder. The foreign brands in China currently function the high end users while the domestic players service the needs of the very center and lower middle class folks. Therefore immense prospect lies in the lower type segment which has not been exploited from the foreign firms. Malls, supermarkets, specialty retailers, onlinesales and direct selling had been some of the channels that have been most used to disperse cosmetics to the public.
The cost of cosmetics in China has escalated over the past few years which was mainly attributed to the raised costs of recycleables. The manufacturers try to control the effect of cost rise by passing it onto the shoppers. Even though the Ministry of Financing has reduced the tariff rate in imported cosmetics, much adjust on the market prices will not be witnessed due to the higher consumption tax.
To boost market awareness, unusual and domestic people have started investing huge sums of money on advertisements as well as marketing. Online sites have become an essential issue for sales syndication in China. A new development that is being experienced in the Chinese companies are the use of cosmetics that are eco friendly mainly because they believe the idea causes less harm to his or her skin and the setting. The innovations that are being brought in by the domestic players based on the product and its packaging have given a difficult competition to the international players such as Maybelline that has witnessed a decrease in the sales. A nearby brands are gaining limelight and are becoming funded by venture capitalists.
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