Investment Rating - The report indicates a positive outlook for the cosmetics industry, with overall GMV growth slightly exceeding expectations and achieving double-digit growth across platforms [1][7]. Core Insights - The Douyin platform experienced a nearly 30% year-on-year GMV growth from May 13 to early June, with categories like cosmetics outperforming the platform's average growth rate [1][8]. - The Tmall platform showed over 10% year-on-year growth during the same period, with Tmall's growth rate surpassing that of Taobao due to better resource allocation towards high GMV brands [1][8]. - International high-priced cosmetics brands performed exceptionally well, with some brands achieving growth rates of 25-30% on Tmall, driven by strong consumer purchasing power and platform policies favoring high-priced brands [2][8]. - Emerging domestic second-tier cosmetics brands also demonstrated significant growth, with some brands achieving high double-digit or even doubled growth rates due to increased operational efforts and platform support [3][9]. Summary by Sections Platform Performance - Both Douyin and Taobao/Tmall platforms reported double-digit growth in the cosmetics category, with Douyin's GMV growth at nearly 30% and Taobao/Tmall at over 10% [1][7]. - High-priced international brands on Douyin and Tmall saw remarkable performance, with brands like La Mer and SK-II achieving high double-digit growth [2][8]. Brand Dynamics - Domestic second-tier brands like Mao Ge Ping and MARUBI have shown strong growth, attributed to enhanced marketing strategies and platform support [3][9]. - Mid-range domestic and international brands experienced flat growth, with consumers increasingly focusing on value-for-money rather than just price [10]. Discount Strategies - Discount levels on both platforms remained stable, with Douyin offering more attractive discounts for high-priced brands, while Taobao/Tmall saw aggressive promotional efforts from domestic brands [11].
中国化妆品 China (A-share) Cosmetics:美妆品类618淘系和抖音双平台调研反馈
2025-06-05 05:50