China is fast approaching the world number one position in personal care sales amid growing demand for local labels
China will boast the world's largest cosmetics market in 2018, overtaking America for the first time, according to global financial services company Morgan Stanley.
It will account for 20% of total sales, compared with 17% for the second-placed US and 10% for Japan, which is placed third.
A clear example of the potential China holds (even for smaller Western brands) is the case of Stenders, a Latvian skin care label that is marketed partly on its local honey ingredients.
For instance, the brand can be found in a dedicated booth at the upmarket Mao Ye Tian Di department store in Shenzhen. It also sells on leading Chinese e-commerce outlets such as Taobao where individual traders sell 100g boxes of Stenders facial cream "imported from Europe" for Chinese yuan renminbi RMB260 (US$39.34).
There is much to play for in China where retail sales of skin care products rose ...
This is a small extract of the full article which is available ONLY to premium content subscribers. Subscribers sign-in (top right) to read the article.
Subscribe now to premium content on Cosmetics Business