China outstrips US in skincare launches
According to research company, Datamonitor Chinas increasing interest in skincare has led to more new skincare product launches in 2009 in China than in any other country besides the US.
Around 2000 products were launched in China in 2009 – a 20% increase over 2008’s figures. Additionally, four out of every five new products launched there in 2009 were in the skincare category. A majority of the products were in the economy price range, targeting the emerging Chinese middle class.
Datamonitor attributes the increase in demand to numerous factors, the first of which is a rising interest from men in skincare products.
“Men the world over, are beginning to realise the important role that grooming plays in personal and professional success,” said Arvind Arun, analyst Datamonitor and the author of the report “Product Insights: Skincare in China”.
Another factor is an interest in sun protection, which has increased demand for suncare creams and skincare products with sunblock attributes. A concern with sunspots and tanning has also led to demand for skin whitening creams, with 50% of respondents in China considering skin whitening qualities to be an important attribute of a skincare product. Anti-aging skincare products are a further drawcard, due to the 40+ age group in China steadily increasing and expected to constitute over 30% of the population by 2013.
“As the economy continues to flourish and people’s awareness and propensity to spend continue to increase, China’s reputation as one of the most important markets for retail investment, particularly in skincare, will continue to increase in the years ahead,” said Arun.