Cosmetics Retail Sales of RMB 24.7Bn Down 4.1% YOY with the First Decline This Year
- Chaileedo Press
- Aug 15, 2023
- 2 min read
Looking at the data from January to July this year, the retail sales of cosmetics showed growth in the first six months, down 4.1% yoy, with only a decline in July.
Today, the National Bureau of Statistics released the retail sales data for social consumer goods in July 2023. The total retail sales of social consumer goods in July reached 3.6761 trillion yuan ($505 billion), a year-on-year increase of 2.5%. From January to July, the total retail sales of social consumer goods amounted to 26.4348 trillion yuan ($3.6 trillion), a year-on-year increase of 7.3%.
From January to July, the national online retail sales reached 8.3097 trillion yuan ($1.14 trillion), a year-on-year increase of 12.5%. Among them, the online retail sales of physical goods amounted to 6.9856 trillion yuan ($959.6 billion), an increase of 10.0%, accounting for 26.4% of the total retail sales of social consumer goods. In the cosmetics category, the total retail sales of cosmetics in July 2023 amounted to 24.7 billion yuan ($3.4 billion), a year-on-year decrease of 4.1%; from January to July, the total retail sales of cosmetics amounted to 231.5 billion yuan ($31.8 billion), a year-on-year increase of 7.2%.
Looking at the data from January to July this year, the retail sales of cosmetics showed growth in the first six months, with only a decline in July. This may be due to consumers purchasing cosmetics according to their needs during the 618 shopping festival, resulting in lower overall demand in July and a more conservative consumption trend. However, considering the overall situation of the previous year, there has not been a significant change in the total amount.
(Data source: National Bureau of Statistics)
According to the historical data released by the Bureau of Statistics, the retail sales of cosmetics showed significant growth from 2018 to July 2020, with the highest year-on-year increase of 9.4% in 2019. The retail sales of cosmetics in July 2022 reached 25.3 billion yuan ($3.5 billion), the highest in recent years. However, the retail sales of cosmetics in July this year were lower than in previous years, recording negative growth for the first time.
(Data source: National Bureau of Statistics)
In terms of customs data, in July, China imported 27,824.4 tons of beauty and cosmetic products, with an import value of 9.61 billion yuan ($1.32 billion). From January to July, the total import volume of beauty and cosmetic products nationwide was 210,000 tons, a year-on-year decrease of 12.7%; the import value was 75.28 billion yuan ($10.34 billion), a year-on-year decrease of 10.1%.
The Bureau of Statistics stated that in July, the national economy continued to recover, and high-quality development made solid progress. However, it is also necessary to recognize that the global political and economic situation is complex, domestic demand is still insufficient, and the foundation for economic recovery still needs to be strengthened.
The retail sales data highlights a crucial shift in consumer spending, but it's interesting to see how the skincare sector remains resilient despite the overall decline. At Made by Nature Labs, we offer Cura della Pelle a Marchio Privato solutions, helping brands meet growing consumer demand for personalized and high-quality skincare products. It's clear that as the market evolves, businesses that focus on providing effective and customized skincare options will continue to thrive.