新消费观察 | 多维度适配消费需求，美妆行业创新脚步加快

Core Insights - The Chinese beauty market is projected to exceed 1 trillion RMB in 2024, marking it as the first single-country market to surpass this threshold globally, highlighting its growing importance in the global beauty industry [1][7] - The shift in consumer demand towards emotional value and the rise of domestic brands are reshaping the market landscape, with brands adapting their strategies to engage consumers more effectively [3][5] Market Trends - Key trends in the Chinese beauty market include a focus on precise efficacy, cost-performance balance, and changes in consumer structure, with an increasing emphasis on emotional connections through products [1][3] - The "emotional economy" is becoming more prominent, with fragrance products gaining traction as brands like Jo Malone adapt their offerings to resonate with consumer emotions [3] Innovation and R&D - Rapid transformation and innovation are critical for brands competing in the fast-paced Chinese market, with collaborations between universities and labs leading to significant advancements in product development [5][6] - Investment in research and development is essential for brands to showcase their strength and attract consumers, as seen with the introduction of novel ingredients and technologies [6][7] Consumer Engagement - Brands are increasingly focusing on understanding and responding to consumer needs, with strategies that include limited edition product launches timed with holidays to enhance emotional engagement [3][6] - The ability to quickly adapt to market changes and consumer preferences is vital for brands aiming to capture market share in the evolving beauty landscape [7]