China’s Cosmetics Sells RMB207.1B in H1 Up 8.6% YOY

Retail sales of cosmetics totaled 45.1 billion yuan ($6.3 billion) in June, up 4.8% year-on-year. In the first half of the year, retail sales of cosmetics totaled 207.1 billion yuan ($28.9 billion), up 8.6% year-on-year.

Today (July 17), the National Bureau of Statistics (NBS) released retail sales data of consumer goods from January to June 2023. In June, total retail sales of consumer goods was 399.51 billion yuan ($55.8 billion), up 3.1% year-on-year. In the first half of the year, total retail sales of consumer goods was 2.28 trillion yuan ($318.3 billion), up 8.3% year-on-year.

(Credit: from the National Bureau of Statistics)

The NBS stated that in the first half of the year, as the economy and society returned to normalized operation in full, the macro policy has shown the effect of force, the national economy rebounded and improved, and high-quality development has been steadily advancing. However, we should also see that the world’s political and economic situation is complex, the domestic economy continues to recover the foundation of development is still not solid.

Specifically, the total retail sales of cosmetic products in June amounted to 45.1 billion yuan ($6.3 billion), up 4.8% year-on-year. The total retail sales of cosmetic products in the first half of the year amounted to 207.1 billion yuan ($28.9 billion), up 8.6% year-on-year.

(Credit: from the National Bureau of Statistics)

Throughout cosmetic retail data in June of previous years, the total retail sales of cosmetics in June this year was the highest in years. But the growth rate was a record low of 4.8%. The highest year was June 2019, with a year-on-year growth of 22.5%.

(Credit: National Bureau of Statistics)

From the beginning of this year, from January to June, although the growth rate is not high, but the overall trend is still positive growth, the lowest growth rate is January-February this year, only 3.8%, the highest growth rate is April, 24.3%.

(Credit: National Bureau of Statistics)

For the data of Customs import, in June, China’s beauty cosmetics and toiletries imported 30359.7 tons, the import amount of 9.29 billion yuan ($1.3 billion). The first half of the cumulative imports of 182,213.6 tons, a year-on-year decline of 10.7%, the amount of imports of 66.19 billion yuan ($9.2 billion), a year-on-year decline of 8.7%.

On the total overall data point of view, on the one hand, June is the time when the Chinese mid-year shopping promotion 618 was booming. From the recent public financial preview of a number of companies, in the first half of this year, the industry back to normal and has begun to steadily rebound. But some companies turn a loss into a profit. On the other hand, the growth rates in June of recent years have repeatedly hit record lows, the consumer market tends to be rational and conservative.




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