2023 Beauty Brand Footprint
Kantar Worldpanel released the latest trend report of beauty market. The report focuses on the early sign of recovery in the beauty market after the COVID-impacted 3-year long slowdown, and name Local Beauty Rising as one of the drivers.
It looks into the evolution of Guochao trend, reflecting Chinese brands’ effort to expand their presence in the market previously dominated by foreign mega-brands.
It looks into:
1) What are key consumer trends driving the beauty market recovery,
2) How Chinese brands are quickly adapting to these trends and gaining influence in the market,
3) What are the implication of Local Beauty Rising to foreign and/or more premium brands.
China Beauty Brand Footprint was also published by Kantar Worldpanel, ranking the best performing beauty brands in two dimensions: Most-Chosen Brands in growth and Fastest-Growing Brands. The rankings were generated by using the CRP metrics (Consumer Reach Point), which is a consumer index that combines the number of buyers each brand obtained in one year with the average number of times that the brand was purchased by each buyer.
China Beauty Market Brand Ranking presented a clear picture of consumers' actual choice, and helped brands decode potential growth opportunities in this challenging market.
1. Most-Chosen Brands
Kantar Worldpanel selected the most-chosen brands based on the size in CRP. Dominance of many Chinese, and more affordable brands continued in the Skincare market, and more of them entered the Top 10 list in the Makeup market, otherwise driven by international mega-brands.
In Skincare, consumers' demand for high-efficacy products remained resilient even during the overall market slowdown last year; cream products such as Proya’s Red Ruby leveraged “Essence-added” communication and expanded its brand competitiveness initially driven through Serum.
In Makeup, makeup specialized brands drove expansion of Blusher, Contour, and Setting Spray to better address increasingly more sophisticated consumer demand.
China beauty market’s most-chosen brands' competitiveness further enhanced as:
1) Brand and product accessibility improved through omni-channel activations,
2) Target-specific new product launches continued to further upgrade brand image and consumer advocacy,
3) Portfolio drive with Core segments in Skincare and Plus segments in Makeup.
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Jason Yu
Managing Director of Kantar Worldpanel in Greater China
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