From 2012 to 2021, the share of local skin care increased first and then decreased, and the share of local makeup increased by nearly 14pcts； in ten years; At present, the channel and media dividends have faded, local high-quality leading brands have increased investment in research and development, product strength has increased, and high-end has quietly advanced; At the same time, local brands have a deeper understanding of domestic channels and marketing, and local brands have diverted to international high-end brands, and their overall share has entered the bottom area, and their future promotion is expected.

▍ China skin care market: the share of local brands rises first and then falls; At present, the local leading brands are diverging from international high-end brands, and their share is at the bottom.

2012-2021: The share of local skin care increased from 24.8% in 2012 to 34.3% in 2018, and then fell back to 27.7% in 2021; The share of French brands has increased from stable (14% ~ 15% in 2012-2018) to 22.1% in 2021, which is closely related to the strong product strength of French brands and their advantages in sensitive repair and anti-aging. Korean brand share rose first and then stabilized, from 1.2% to 4.5% in 2012-2016, then the mass line weakened but the high-end line increased, and the overall share was stable. Since 2022, many factors such as marketing, channels and local epidemic have caused many changes in the trend. Among them, the local leading companies are becoming increasingly high-end, and the diversion of overseas high-end brands is expected to drive the local share to the bottom.

▍ China makeup market: the share of local brands has been promoted to the leading position, and the high-end has been quietly promoted.

2012-2021: The share of local cosmetics increased from 15.0% to 28.8%, and increased by nearly 14pcts； in 10 years; The share of American makeup decreased from 33.8% to 16.2%, a decrease of 17.6pcts；; After 2016, the share of French make-up increased to 30%+,which is closely related to its advantages in brand heritage, fashion leading and product strength. The share of Korean makeup increased from 7.0% in 2012 to 11.7% in 2016, and then decreased to 8.3% in 2021. Local make-up brands have changed significantly since 2021H2: 1) From fashionable color products (lipstick, eye shadow, etc.) to technical foundation (liquid foundation, etc.), from flow play to brand building; 2) Increase R&D investment, rely on cultural confidence, and strive to catch up with international brands in some sub-categories and product series.

▍ The channel and media dividends faded, and local brands increased investment in R&D, returned to product strength and accumulated brand strength.

Channel change: from 2001 to 2010, CS stores, supermarkets and other brands gave birth to beauty channels; In 2011-2015, the offline was good, the online rose, and the brand enjoyed a double-line bonus; In 2016-2021H, international brands increased rapidly, and new brands emerged; Since 2021H, channel and media dividends have subsided.

Marketing change: from celebrity endorsement to multidimensional grass planting, from big-screen advertising to content marketing and value recognition.

Advanced R&D: In recent years, the brand of skin care of pharmaceutical origin has performed outstandingly, from "medicine" to "makeup", with better quality control and efficacy; Local brands such as Polaiya/Betani/Huaxi /PMPM gather head R&D talents at home and abroad; Synthetic biotechnology promotes the innovation iteration of beauty raw materials, local raw material enterprises flourish, and the curtain of domestic substitution of raw materials opens.

▍ Risk factors:

Discount promotion of international brands suppresses local brands; The relationship between beauty brands and e-commerce platforms is unbalanced; It takes time to accumulate significant results in R&D investment; Scattered epidemic situation repeatedly affects the demand and sales of beauty; Policy supervision strictly affects the growth rate of the industry; The speed and range of domestic substitution of raw materials may not meet expectations.

▍ Investment suggestion:

As a typical optional consumer product, beauty cosmetics have both efficacy and spiritual attributes, with efficacy depending on technology and spirit relying on culture. Local brands increase investment in R&D, and product strength is quietly improved; At the same time, we have a deeper understanding of local channels and marketing. It is expected that the share of high-end and ultra-high-end will increase in the future, which will drive the overall share to rebound. At the present stage of fading dividends and full competition, strong marketing, channels, operational capabilities and sustained high R&D investment are indispensable.

This article comes from financial circles.

"Hello everyone, I am Wu Yinping, and I am also familiar with the second aunt who are familiar with through WeChat voice." Recently, at the scene of the spiritual civilization construction work conference in Pudong New District in 2022, Xiao Bu met with Aunt Wu for the first time. She still spoke Shanghai dialect, and her tone was still kind.

During this epidemic, Aunt Wu told his relatives and friends about his experience from infection with new crown pneumonia to recovery. It is this voice that shows the spiritual character of an old party member, community grass -roots workers and Shanghai citizens, and has gained the public’s praise. Listening to the experience of her memories can still be infected by her positive energy.

Aunt Wu is a resident of the north community in the streets of Xincun Village, Hudong, and a 28 -year -old party member. Since 1998, she has been a civil affairs cadre in the community for 10 years. After retiring in 2007, she returned to the North Community where she lived.

"Our community is very large, with 95 gate buildings, and more than 5,000 residents. In March, the Shanghai epidemic broke out. I think I was a party member and should stand up and guard everyone’s safety." In this round of epidemic The earliest became one of the areas of the central risk area. Aunt Wu felt that she was responsible and rushed to the front line of resistance. At the beginning, she cooperated with the residential committee to do the population statistics of the community, and the number of people came to the family. Reporting to the neighborhood committee at 6 am, sometimes cooperating with doctors for nucleic acid sampling, and always busy until 11 pm.

In early April, Aunt Wu began to feel uncomfortable and a little fever, and he stopped volunteer service. "Later, two bars were measured by the antigen. In fact, I was a little scared at that time. It’s uncomfortable, headache, muscle soreness, especially the dry throat, and the feeling of the pills can’t swallow. "Aunt Wu recalled that at about 12 noon on April 16, she received a call from the illness and control department and was notified to be diagnosed with positive. "Since the policy is regulated, I am a party member, so I will take the lead in obeying the policy and pack the wash products and prepare for transfer."

In the voice of Aunt Wu, who was circulating on the Internet, she revealed what she had seen and heard in the square cabin, especially the living conditions, medical volunteer services, etc. "In the square cabin," big white ‘, volunteers, volunteers, volunteers, volunteers, volunteers, volunteers. They are all very good. They often encourage me to eat good meals and take a walk. These words sound very warm. Although people are in the square cabin, medical supplies are guaranteed, and they have egg milk every day. . "Aunt Wu felt that he had the responsibility to tell the real situation, and hoped that everyone would not panic.

At the stage where the epidemic prevention and control are the most vigorous, Aunt Wu’s remarks convey an optimistic and positive attitude, giving everyone the courage and strength to face difficulties. In the square cabin, she was not idle. "Although I can’t do heavy work, I can do some relaxed work and serve everyone." During that time, Aunt Wu got up to clean the floor where he lived. When they met some older patients, they helped them burn water. When you take the meal, you also take the handle and send the box lunch to the eighty -year -old man.

On April 22, Aunt Wu went home and was warmly welcomed by community cadres and residents. "After I came back, I found that everyone lived in an orderly manner, and my heart was much easier." After home health monitoring, Aunt Wu returned to the community volunteer post on May 1st. " Help and care, I want to pass them out and let more people feel it. "

In the next day, Aunt Wu will help the corridor spray disinfection water every day, and shares the positive energy to the WeChat group of the corridor. As the situation of epidemic prevention continues to improve, the demand for epidemic prevention in the community is turned on to conduct regular antigen detection. Aunt Wu is busy helping residents who have been old and without mobile phones upload test results … After more than two months of hard work, life returns to the right track. Everyone laughed.

On June 1st, Aunt Wu went out early in the morning. She first turned around in her community, and then went to the place where she often went to the surrounding herself. "It’s the same, there is nothing special." Aunt Wu regained his familiar feeling, and he returned as usual.

Aunt Wu said that under her square cabin, many people left a message saying that she was greatly moved by her optimism. She believes that, in fact, the hard work of ordinary people’s hard work and watching is the background and bright color of the civilization of the city in Shanghai. "This epidemic, Shanghai has been survived. I believe that our Shanghai will get better and better!"

Text: Huang Jing

Photography: Huang Riyue

Edit: Zhu Shengxia