“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.
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Overview
- What you need to know
- Key Issues covered in this Report
- Covered in this Report
- Subgroup definitions (by monthly household income)
- What you need to know
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Executive Summary
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- 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
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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
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- 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
- Domestic prestige skincare brands need to enhance efficacy through innovation
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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
- Restricted beauty spending post-pandemic
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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
- Impress consumers with the insider’s view of research background
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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
- Growing investment in new prestige skincare launches
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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
- Facial serum/essence/concentrate/essential oil and eye cream/essence lead in average price per item
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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
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- Figure 28: Brand type of prestige skincare products bought – ‘Mostly domestic brands with few foreign brands’ or ‘domestic brands only’, by selected demographics, 2023
- Domestic brands emerge in consumers’ prestige skincare choices
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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
- Brand awareness, efficacy and research background are key areas to improve on
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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
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- 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
- Prestige skincare is not limited to specific efficacies
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Desired Brand Values
- Ultra safety is the foremost value of prestige skincare brands
- Figure 34: Desired brand values, 2023
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- 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
- Ultra safety is the foremost value of prestige skincare brands
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Attitudes towards Formulas/Ingredients
- Natural, rare and domestically sourced ingredients are appreciated
- Figure 39: Attitudes towards ingredients, 2023
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- 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
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- Figure 42: Attitudes towards ingredient upgrades and combinations, 2023
- Natural, rare and domestically sourced ingredients are appreciated
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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
- Who are they?
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Appendix – Methodology and Abbreviations
- Methodology
- Abbreviations
- Methodology
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