2023
0
China Attitudes towards Prestige BPC Products Market Report 2023
2023-05-26T12:43:38+01:00
OX1154619
3695
163467
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Report
en_GB
"Ultra safety is the foremost value of prestige skincare brands, which must safeguard the on-going advancement of efficacies. Domestic prestige brands can leverage the locality (eg ingredients, concepts, visuals, well-being…

China Attitudes towards Prestige BPC Products Market Report 2023

£ 3,695 (Excl.Tax)

Report Summary

“Ultra safety is the foremost value of prestige skincare brands, which must safeguard the on-going advancement of efficacies. Domestic prestige brands can leverage the locality (eg ingredients, concepts, visuals, well-being programs) to compete with established foreign players, focusing on promoting brand awareness and consolidating product efficacies.”

– Tina He, Research Analyst

Key Issues covered in this Report:

  • Marketing activities and new product launches impacting China’s prestige skincare market.
  • Brand choices between foreign and domestic prestige skincare.
  • Purchase barriers to domestic prestige skincare products.
  • Desired efficacies and brand values of prestige skincare.
  • Consumer attitudes and preferences of ingredients in prestige products.

Table of Contents

  1. Overview

    • What you need to know
      • Key Issues covered in this Report
        • Covered in this Report
          • Subgroup definitions (by monthly household income)
          • Executive Summary

              • The market
                • The consumer
                  • Serum and eye care products take up larger proportions of the beauty budget
                    • Figure 1: Price of skincare products bought, 2023
                  • Foreign brands are preferred, while domestic brands are gaining recognition
                    • Figure 2: Brand type of prestige skincare products bought, 2023
                  • Brand awareness and product efficacy are key for domestic brands to expand audiences
                    • Figure 3: Purchase barriers of domestic prestige skincare products, 2023
                  • Prestige skincare is used for diverse purposes, and aging is more expected to be prevented than resolved
                    • Figure 4: Efficacies sought of prestige products vs regular products, 2023
                  • Safety, innovation and wellbeing programs can win the affinity of the majority
                    • Figure 5: Desired brand values, 2023
                  • Natural, rare and domestically sourced ingredients are potential directions
                    • Figure 6: Attitudes towards ingredients, 2023
                  • What we think
                  • Issues and Insights

                    • Domestic prestige skincare brands need to enhance efficacy through innovation
                      • Figure 7: Example of a domestic prestige skincare brand featuring strong efficacy, China, 2022
                    • Excavate the potential of Chinese natural rare ingredients
                      • Figure 8: Example of promotion of Chinese natural skincare ingredients, China, 2023
                      • Figure 9: Examples of prestige skincare products featuring Chinese natural rare ingredients, China, 2023 and 2022
                    • Garner interests of lower-tier-city consumers with attentive services
                      • Figure 10: Examples of attentive services offered by domestic brand and local beauty salons, China
                  • Market Factors

                    • Restricted beauty spending post-pandemic
                      • Relaunches and upgrades of prestige skincare in 2022
                        • Figure 11: Launch types of new facial skincare launches, by beauty price positioning*, China, 2021 and 2022
                      • Domestic prestige skincare brands gaining recognition
                      • Marketing Activities

                        • Impress consumers with the insider’s view of research background
                          • Figure 12: Examples of leading skincare brands hosting summits to show research background, China, 2023
                        • Enhance professional beauty treatments offered by prestige skincare brands
                          • Figure 13: Example of professional beauty service programs offered by a prestige skincare brand, China, 2023
                        • Increase the diversity in product portfolio
                          • Figure 14: Example of a beauty device by a prestige skincare brand, China, 2023
                        • Brands with social propositions echo consumers’ core values
                          • Figure 15: Examples of prestige skincare brands organising activities with social propositions, China, 2023
                        • Permeate into lifestyles by thoughtful cross-category collaborations
                          • Figure 16: Examples of cross-category collaborations with prestige skincare brands, China, 2023
                      • New Product Trends

                        • Growing investment in new prestige skincare launches
                          • Figure 17: new product launches in facial skincare market, by beauty price positioning, China, 2018-22
                        • Prestige skincare advancing in efficiency, safety and eco-friendliness
                          • Figure 18: Top 10 growing claims in prestige facial skincare launches, China, 2018-22
                        • Multifunctional products with high value for money
                          • Figure 19: Examples of prestige multifunctional serum products, China, 2022 and 2023
                        • Anti-aging by faical zone based on latest brand research
                          • Figure 20: Examples of prestige anti-aging products featuring care by facial zone, 2023
                        • Coming-back of prestige eye care with applicators
                          • Figure 21: Examples of prestige eye care products with applicators, 2023
                        • Artwork-level packaging design showcasing brand heritage
                          • Figure 22: Example of artwork-level packaging of a prestige skincare product, 2023
                      • Price of Skincare Products Bought

                        • Facial serum/essence/concentrate/essential oil and eye cream/essence lead in average price per item
                          • Figure 23: Price of skincare products bought, 2023
                        • Consumers with sensitive skin spend more than those with non-sensitive skin
                          • Figure 24: Average price of skincare products bought, sensitive skin vs non-sensitive skin, 2023
                        • Similar spending patterns across city tiers
                          • Prestige skincare buyers skew towards females aged 25-49, with mid or high household income, married with children
                            • Figure 25: Selected demographics of consumers who bought prestige facial skincare*, 2023
                        • Brand Type of Prestige Skincare Products Bought

                          • Domestic brands emerge in consumers’ prestige skincare choices
                            • Figure 26: Brand type of prestige skincare products bought, 2023
                          • Younger consumers and those from tier 3 or lower cities more acceptant of domestic prestige brands
                            • Figure 27: Brand type of prestige skincare products bought – ‘mostly foreign brands with few domestic brands’ or ‘foreign brands only’’, by selected demographics, 2023
                            • Figure 28: Brand type of prestige skincare products bought – ‘Mostly domestic brands with few foreign brands’ or ‘domestic brands only’, by selected demographics, 2023
                        • Purchase Barriers of Domestic Prestige Skincare Products

                          • Brand awareness, efficacy and research background are key areas to improve on
                            • Figure 29: Purchase barriers of domestic prestige skincare products, 2023
                          • Older consumers and tier 1 city consumers are more concerned about product efficacy, while young consumers are pickier about the packaging
                            • Purchase barriers are overall consistent across income levels
                            • Efficacies Sought of Prestige Skincare Products

                              • Prestige skincare is not limited to specific efficacies
                                • Figure 30: Efficacies sought of prestige products vs regular products, 2023
                                • Figure 31: Gaps between efficacies sought of prestige products and regular products (as benchmark), 2023
                              • Outstanding demands from mature women
                                • Figure 32: Efficacies sought of prestige products vs regular products – ‘prestige products’, by age, 2023
                              • Consumers with sensitive skin expect prestige skincare to repair skin barriers
                                • Aging and pigmentation are key touch points for domestic prestige skincare to alleviate the purchase barrier
                                  • Figure 33: Efficacies of prestige products vs regular products – ‘prestige products’, total vs those considering ‘weak product efficacy’ a purchase barrier of domestic prestige skincare, 2023
                              • Desired Brand Values

                                • Ultra safety is the foremost value of prestige skincare brands
                                  • Figure 34: Desired brand values, 2023
                                  • Figure 35: TURF analysis – Desired brand values, 2023
                                • Young consumers value experiences, and tier 3 or lower city consumers desire attentive services
                                  • Figure 36: Examples of distinctive brand visuals of prestige skincare brands, Canada and China, 2021 and 2022
                                • Consumers with mid and high household income have more expectations of brand values
                                  • Figure 37: Desired brand values, by monthly household income, 2023
                                • Safety is key for loyal users of foreign brands, and domestic brands might appeal in terms of locality and wellbeing programs
                                  • Figure 38: Desired brand values, by brand type of prestige skincare products bought, 2023
                              • Attitudes towards Formulas/Ingredients

                                • Natural, rare and domestically sourced ingredients are appreciated
                                  • Figure 39: Attitudes towards ingredients, 2023
                                  • Figure 40: Examples of sustainable practices of clean beauty brands, US and UK
                                • Consumers show interests in classic ingredients with upgrades
                                  • Figure 41: Example of upgrading classic ingredients, China, 2023
                                  • Figure 42: Attitudes towards ingredient upgrades and combinations, 2023
                              • Beauty Personas

                                • Who are they?
                                  • Functionalists value ultra safety, and novel experiences can attract Enthusiastic Experimenters and Beauty Mavens
                                    • Figure 43: Desired brand values, by beauty persona, 2023
                                  • Functionalists have higher awareness of overall formula, and Holistic Wellbeing Followers prefer domestically sourced ingredients
                                    • Figure 44: Attitudes towards formulas and ingredients, by beauty persona, 2023
                                • Appendix – Methodology and Abbreviations

                                  • Methodology
                                    • Abbreviations

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