China reported its fastest economic growth in seven years last year, with a gross domestic product increase of 6.9 per cent in 2017.
Disposable income and consumption levels are on the rise, and the growing affluence of Chinese consumers have gradually seen cosmetics and personal care products become more of a necessity rather than a luxury.
According to a report by Statista, the retail trade revenue of cosmetics in China grew from RMB 19.5 billion in March 2016 to RMB 21.49 billion in March 2017. And as of the end of September 2018, the research firm updated that figures had risen further to RMB 22.2 billion. It is no surprise, then, that China is fast on the heels of the United States of America in becoming the largest market for cosmetics in the world.
Its sheer size aside, the Chinese personal care market is noteworthy for other reasons. For one, its culture presents opportunities for new product innovations, and several consumer-driven trends are unique to the territory.
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