Evercore ISI：中国美妆进口3月双位数下滑!在线销售却逆势增长10%，免税店成关键变量?

高端美妆产品进口额下降 3%，但在线零售额增长 10% | | 1Q 22 | 2Q 22 | 3Q 22 | 4Q 22 | 1Q 23 | 2Q 23 | 3Q 23 | 4Q 23 | 1Q 24 | 2Q 24 | 3Q 24 | 4Q 24 | 1Q 25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sell in | (4)% | (6)% | (11)% | (19)% | (6)% | (23)% | (25)% | (24)% | (21)% | (4)% | (7)% | (4)% | (3)% | | Online sales | 7% | (6)% | (13)% | (26)% | (21)% | (9)% | (21)% | (2)% | (6)% | (3)% | 7% | (8)% | 10 % | | | 1Q 22 | 2Q 22 | 3Q 22 | 4Q 22 | 1Q 23 | 2Q 23 | 3Q 23 | 4Q 23 | 1Q 24 ...