China Market, News

China’s Retail Sales of Cosmetics Increased by 3.4% to 108.6 Billion Yuan in 2024 Q1

According to the data released by the National Bureau of Statistics of China today (April 16th), the total retail sales of consumer goods in March 2024 reached 3.902 trillion yuan, an increase of 3.1% year-on-year. From January to March, the total retail sales of consumer goods reached 12.0327 trillion yuan, up 4.7% year-on-year.

In terms of cosmetics-related data, the total retail sales of cosmetics in March 2024 was 41.1 billion yuan, an increase of 2.2% year-on-year. From January to March, the total retail sales of cosmetics reached 108.6 billion yuan, up 3.4% year-on-year. Compared with previous years, the retail sales of cosmetics reached the highest level in March this year. Moreover, the retail sales of cosmetics have been continuously improving since 2022.

In terms of customs data, China imported 30,455 tons of beauty and personal care products in March, with an import value of 11.82 billion yuan. From January to March, the cumulative imports amounted to 74,257 tons, a decrease of 17.1% compared to the same period last year; the cumulative import value was 25.89 billion yuan, down 17.2% year-on-year.

The National Bureau of Statistics of China stated that the national economy achieved a good start in the first quarter, with an accumulation of positive factors laying a solid foundation for achieving the annual targets. At the same time, the complexity and severity of the external environment are increasing, and the foundation for stable economic development is not yet solid. In the next stage, it is necessary to adhere to the principle of seeking progress while maintaining stability, to promote stability through progress, to address both immediate and long-term issues, and to fully, accurately, and comprehensively implement the new development philosophy. Efforts should be accelerated to foster a new development paradigm, consolidate and enhance the positive momentum of economic recovery, and continuously promote both qualitative and quantitative improvements in the economy.