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In China’s Slowing Beauty Market, Big Brand Discounts Won’t Cut It

While the economic woes have certainly weighed on sales, analysts say the main issue facing the multinationals is their slowness to adjust to the shifting priorities of consumers, who have become more discerning about what they buy and are increasingly finding that local brands are more suited to their needs.

Estee Lauder display in China — While the economic woes have certainly weighed on sales, analysts say the main issue facing the multinationals is their slowness to adjust to the shifting priorities of consumers, who have become more discerning about what they buy and are increasingly finding that local brands are more suited to their needs. (Getty Images)

By

Reuters

08 December 2023

BoF PROFESSIONAL

Expensive beauty hauls are a thing of the past for Evelyn Zhu. The Chinese branding professional says she now only spends on skin care essentials, joining millions of other consumers who have cut back on cosmetics in the world’s second biggest market.

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Beauty:Cosmetics

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China

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