This report looks at the following areas:
- Factors affecting the development of the prestige skincare market
- Marketing activities and new product trends in prestige skincare
- Consumer perceptions of prestige skincare brands
- Types of domestic/international prestige skincare brands purchased
- Reasons for and changes in usage of prestige skincare products
- Comparison and changes in efficacy claims between prestige and regular skincare products
- Purchase behaviour of prestige skincare products
Consumers of prestige beauty products are becoming more pragmatic, focusing on overall value for money and efficacy rather than price tags. They cut down on costs by trying samples and comparing prices.
Tina He, Analyst, China Insights
Market Definitions
This Report focuses on consumer attitudes towards and usage of prestige facial skincare products. Mintel defines prestige products by the unit price per item as listed below:
- Facial cleanser over RMB200
- Facial toners/softener over RMB300
- Facial moisturiser/emulsion/lotion over RMB300
- Facial serum/essence/concentrate over RMB500
- Eye cream/essence over RMB500
Mintel defines prestige brands as high-end brands that are typically sold behind the counter in department store beauty halls (e.g. Lancôme, NARS, Clarins). This also includes designer brands in the fashion and accessories industry (e.g. Dior, Chanel, YSL). However, with the BPC market becoming more diverse and inclusive, brand types and sales channels are not limited to those mentioned above and any type of brand can claim a premium positioning through its pricing.
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Executive summary
- Key issues covered in this Report
- Definition
- What you need to know
- The market
- Market factors: weak consumer sentiment, cautious R&D investment, but significant growth on Douyin
- Companies and brands
- Marketing activities: increasing investment in Douyin, providing value-added facial care services, advocating/encouraging female empowerment
- New product trends: significant increases in anti-ageing claims, while for sensitive skin claims are also more common
- Graph 1: mainstream claims of prestige* facial skincare products, 2019-23
- Product examples: micro anti-ageing mechanisms, targeted functions and neurocosmetics arrive in prestige skincare
- The consumer
- International big names still dominate consumer mindshare, but new prestige brands are emerging
- Graph 2: awareness of prestige facial skincare brands, 2024
- Consumers tend to use both domestic and international prestige brands
- Consumers tend to use both domestic and international premium brands
- Graph 3: brand type of prestige skincare products bought, 2023 vs 2024
- Efficacy remains the main reason for choosing prestige skincare products, while the concept of streamlined/precise skincare is also a motivating factor
- Graph 4: reasons for using prestige BPC products, 2021 vs 2024
- Graph 5: reasons for using prestige BPC products, 2024
- The key demands for premium products are anti-ageing, skintone management and barrier repair
- Graph 6: efficacies of prestige products vs regular products, 2024
- Purchasing samples and stocking up during shopping festivals is very common among prestige consumers
- Graph 7: purchase behaviour of prestige BPC products, 2024
- High quality, safety/mildness, and professionalism are core characteristics of prestige skincare products
- High quality, safety and gentleness, and professionalism are key characteristics of premium skincare products
- Graph 8: features of prestige BPC products, 2024
- Issues and insights
- What we think
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The market
- Market factors
- Low willingness to spend on beauty products suppresses demand for prestige skincare products
- Graph 9: sectors that consumers have spent more money on compared to the previous month – beauty products, 2022-24
- Prestige skincare launch activity is cautious compared to other price points, but new product launches are up on 2022
- Graph 10: types of new facial skincare launches, by price positioning, 2022
- Graph 11: types of new facial skincare products, by price positioning, 2023
- Douyin has succeeded Tmall as the new battleground for prestige brands
- Graph 12: volume sales of facial skincare products on Douyin, by price range, 2022-23
- Graph 13: volume sales of facial skincare products on Tmall, by price range, 2022-23
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Company and brands
- Marketing activities
- Prestige skincare brands divert traffic to Douyin, leveraging channel growth to amplify sales
- Promote facial care services during periods of seasonal sensitivity, meet advanced needs, and establish a professional image
- Prestige brands focus on female role models, encouraging women’s self-exploration
- New product trends
- Launch activity for prestige and top-of-the-range facial skincare has declined since 2022
- Graph 14: price positioning of facial skincare launches, 2019-24
- Anti-ageing claims rise significantly as for sensitive skin claims also become increasingly common
- Graph 15: mainstream claims of prestige* facial skincare launches, 2019-23
- Prestige brands leverage cytology research to promote anti-ageing at the cellular level
- Prestige skincare focuses on increasingly segmented anti-ageing effects by targeting fine lines
- Neurocosmetics arrive in prestige skincare
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The consumer
- Awareness of prestige facial skincare brands
- International brands such as Estée Lauder and Lancôme are still the most well-known prestige brands
- Graph 16: awareness of prestige facial skincare brands, 2024
- Top international brands enjoy the highest awareness among post-1980s; the younger generation approve of L’Oréal Paris’ prestige image
- Graph 17: awareness of prestige facial skincare brands, by generation, 2024
- Consumers in different city tiers demonstrate similar awareness of prestige brands
- Graph 18: awareness of prestige facial skincare brands, by city tier, 2024
- Consumers spending different amounts have varying perceptions of prestige brands
- Types of prestige brands purchased
- Both domestic and international brands are popular choices
- Graph 19: brand type of prestige skincare products bought, 2024
- Graph 20: brand type of prestige skincare products bought, 2023 vs 2024
- Consumers aged 25-39 are more likely to choose both domestic and international brands
- Graph 21: brand type of prestige skincare products bought, by age, 2024
- Consumers with a lower monthly income are more open to domestic brands
- Graph 22: brand type of prestige skincare products bought, by monthly personal income, 2024
- There is no significant difference in brand choice across city tiers
- Graph 23: brand type of prestige skincare products bought, by city tier, 2024
- Consumers who recognise the premium image of TCM ingredients are more accepting of domestic prestige brands
- Graph 24: attitude towards traditional Chinese medicine ingredients, by brand type of prestige skincare products bought, 2024
- Reasons for using prestige skincare products
- Efficacy remains the main reason for choosing prestige skincare products, while the concept of streamlined/precision skincare is also a motivating factor
- Graph 25: reasons for using prestige BPC products, 2024
- Graph 26: reasons for using prestige BPC products, 2021 vs 2024
- Consumers aged 25-29 are easily influenced by others’ recommendations, while advertisements have stronger appeal for those aged 50-59
- Graph 27: select reasons for using prestige BPC products, by age, 2024
- Higher-income groups prefer professional services and simplified/precision skincare
- Graph 28: select reasons for using prestige BPC products, by monthly personal income, 2024
- Consumers in Tier 1 and 2 cities value simplified/precision skincare
- Graph 29: select reasons for using prestige BPC products, by city tier, 2024
- Users of international prestige brands are more likely to be motivated by reaching a certain age and wanting to treat themselves
- Graph 30: select reasons for using prestige BPC products, by brand type of prestige skincare products bought, 2024
- Comparison of efficacy claims between prestige and regular products
- Anti-ageing, skintone management and barrier repair are the core efficacies of prestige products
- Graph 31: efficacies of prestige products vs regular products, 2024
- Demand for reducing pigmentation and soothing the skin is on the rise
- Graph 32: difference* between efficacies of prestige products vs regular products (as benchmark), 2024
- Graph 33: efficacies of prestige products, 2023 vs 2024
- 25-29 year-old consumers use prestige products to repair the skin, while 30-49 year-olds look for anti-ageing effects
- Graph 34: efficacies of prestige products, by age, 2024
- Higher-income consumers show greater demand for anti-ageing and skintone management from prestige products
- Graph 35: efficacies of prestige products, by monthly personal income, 2024
- Consumers who have had cosmetic surgery expect more moisturising, soothing, and repairing results from prestige skincare
- Graph 36: efficacies of prestige products, by experience of cosmetic surgery, 2024
- Purchase behaviour of prestige skincare
- Buying samples and stocking up during shopping festivals are common purchase behaviours
- Graph 37: purchase behaviour of prestige BPC products, 2024
- 25-39-year-old consumers are enthusiastic about stocking up during shopping festivals
- Graph 38: purchase behaviour of prestige BPC products, by age, 2024
- Lower-income consumers are more likely to change their choice of product, while higher-income consumers show greater loyalty but are price-sensitive
- Graph 39: purchase behaviour of prestige BPC products, by monthly personal income, 2024
- Features of prestige BPC products
- High quality, safety/mildness, and professionalism are core characteristics of prestige skincare products
- Graph 40: features of prestige BPC products, 2024
- High quality and safe/mild features can meet the demands of 80% of consumers for of prestige skincare products
- Consumers aged 30-39 pay more attention to professional and high-tech features
- Graph 41: features of prestige BPC products, by age, 2024
- Consumers with higher incomes place higher demands on prestige products
- Graph 42: features of prestige BPC products, by monthly personal income, 2024
- Users of international brands highly value product quality, while consumers choose domestic brands for their niche features
- Graph 43: features of prestige BPC products, by brand type of prestige skincare products purchased, 2024
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Issues and insights
- Amid the intentional consumption trend, product efficacy re-emerges as the key to prestige value
- ‘Prestige’ decouples from price
- Consumers are more realistic: quality, safety and professionalism are the core values of prestige products
- Use samples to drive purchase decisions and expand the customer base for prestige skincare products
- High-income consumers are loyal; recruiting new customers is key to boosting prestige product sales
- Cosmetic samples are a powerful tool for acquiring new customers, helping reduce trial and error costs
- Driven by ecommerce platforms, the online sample sales mechanism has matured
- Domestic prestige skincare brands achieve differentiation with TCM ingredients
- International brand awareness remains strong, but consumers are increasingly accepting of domestic prestige brands
- TCM ingredients have the potential to become the ‘calling card’ of domestic prestige brands
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Appendix – methodology and abbreviations
- Methodology
- Abbreviations
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