China Cosmetics Retail Sales Reached $4.6 Billion in May, Hitting a New Five-year Record
- Chaileedo Press
- Jun 15, 2023
- 2 min read
On 15 June, the National Bureau of Statistics released the retail sales data of social consumer goods for May 2023. the total retail sales of cosmetics reached 33 billion yuan ($4.6 billion) in May, with an increase of 11.7%.
On 15 June, the National Bureau of Statistics released the retail sales data of social consumer goods for May 2023. The total retail sales of social consumer goods in May amounted to CNY 3.78 trillion ($527.03 billion), an increase of 12.7% year-on-year. From January to May, the total retail sales of social consumer goods reached CNY 18.76 trillion ($2615.9 billion), up 9.3% year-on-year.
As for cosmetics, the total retail sales of cosmetics reached 33 billion yuan ($4.6 billion) in May 2023, an increase of 11.7% year-on-year. From January to May, the total retail sales of cosmetics amounted to 161.9 billion yuan ($22.63 billion), up 9.7% year-on-year.
Compared with the same period last year, the growth rate of cosmetics retail sales from December 2022 to May 2023 was not significant. However, the sales in May 2023 slightly increased compared to April, possibly due to the 618 shopping festival being moved up to the end of May by major e-commerce platforms.
According to data released by the National Bureau of Statistics over the years, although the sales of cosmetics declined in May 2022 due to the impact of the pandemic and other factors, the sales in May 2023 not only increased by more than 10% year-on-year but also exceeded CNY 31.9 billion ($4.46 billion) in May 2021, reaching 33 billion yuan ($4.6 billion), the highest in nearly five years.
In terms of customs data, China imported 30,096.5 tons of beauty and personal care products in May, with an import value of 10.93 billion yuan ($1.53 billion). From January to May, the national import volume of beauty and personal care products was 151,900 tons, a year-on-year decrease of 11%, with an import value of 56.95 billion yuan ($7.96 billion), a year-on-year decrease of 6%.
The National Bureau of Statistics stated that the national economy continued to recover and transform in May. However, it is also important to recognize the complex and challenging international environment, the pressure of domestic structural adjustment, and that the foundation of economic recovery is not yet stable.
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