基于对行业变革的深刻研判，报告精准提炼出两大消费趋势：一方面，消费者不再满足于彩妆的即时修 饰效果，转而追求"妆养合一"的产品价值，并期待实现长效肌肤滋养与肤质改善；另一方面，在快节奏 生活下，消费者将"精简即新精致"奉为美妆哲学，追求高效的化妆流程，直接驱动面部综合盘、眼部综 合盘等多功能品类持续扩容。 此次报告的发布，是值得买科技与鲸鸿动能达成深度合作后的首次成果落地，值得买消费产业研究院凭 借海量内容与消费数据洞察消费决策逻辑，鲸鸿动能依托鸿蒙生态全域数据底座与"鲸鸿指数"量化分析 用户需求，双方共同构建了从需求洞察、产品创新到消费决策的全链路分析模型，为彩妆产业提供了具 备前瞻性与落地性的趋势指引。值得买消费产业研究院执行院长赵一鹤表示，"未来双方将在深化消费 洞察领域合作的基础上协同探索，以专业的数据洞察与科学的分析模型，输出更多领域的趋势洞察报 告，助力产业高质量、可持续发展。" 未来，值得买消费产业研究院将持续携手高等院校、智库机构、行业协会等多方合作伙伴，探索并输出 更多具有深刻洞察和行业指引价值的研究成果，为从业者与品牌商提供市场参考，为消费产业提质升级 注入动能，为"创造人人因消费而幸福的 ...

美妆行业 周度市场观察 行业环境 头部品牌动态 投资运营 产品技术 营销活动 2025/11.10-11.16 第 47 周 涨价 VS 降价，美妆零售业的冰火两重天； 2025抗老黑科技：从耐受到重建，再到"长寿护肤"； 彩妆柜台，正在悄悄决定商场的朋友圈。 行业环境： 1. 涨价 VS 降价，美妆零售业的冰火两重天 关键词：美妆行业,定价策略,涨价策略,降价策略,消费者信心 01 行业趋势 Industry Trends 本周看点： 概要：美妆行业因关税问题面临成本压力，品牌采取不同定价策略应对市场变化。部分品牌如 Elf Beauty选择透明化提价，强调供应链优化和全球扩张；而消费者在高端渠道内更关注性价比， 香水品类则偏好高端产品。另一部分品牌如BeautyStat通过降价提升销量，但高端品牌需谨慎 以免损害形象。同时，品牌收缩产品线并加强与电商平台合作，如亚马逊和TikTok Shop，以 触达价格敏感消费者。DTC品牌转向个性化促销，依托CRM系统精准营销。产品创新成为关键， 通过规格调整、功能升级和多元化包装提升竞争力，避免过度促销稀释品牌价值。 原文链接：https://www.c2cc.cn ...

Core Insights - The beauty industry is witnessing a trend where international giants are intensifying their focus on technological anti-aging solutions, while local brands are deepening their commitment to Eastern skincare practices, leading to a shift in competition from traffic acquisition to a comprehensive battle of technological strength, cultural influence, and user engagement [1] Group 1: Brand Performance - The top three brands in the beauty and personal care sector based on comprehensive popularity scores are UNISKIN (1.80), ESTEE LAUDER (1.74), and GIVENCHY (1.67) [3][4] - UNISKIN has gained significant attention through its marketing strategies, including the announcement of a new series featuring a popular youth group, focusing on the core concept of "researching skin aging in Chinese individuals" [5] Group 2: Market Trends - The concept of "makeup and skincare integration" is becoming a key driver in the cosmetics industry, with consumers increasingly seeking long-term skincare benefits rather than just immediate cosmetic effects [5] - Local brands like Huaxizi and Yuxi are emphasizing the skincare functions of their makeup products, with Huaxizi launching a new skincare series based on original technologies [5] Group 3: International Brands' Strategies - Estee Lauder is focusing on "scientific anti-aging" and "local co-creation" strategies in the Chinese market, launching high-end products and immersive experience events to strengthen its market position [6] - Givenchy has appointed Zhao Liying as its first Chinese global makeup ambassador and is launching a new lipstick product that emphasizes self-expression, aiming to deepen emotional connections with consumers [6]

Core Insights - The beauty industry is transitioning from "traffic competition" to "full-domain operation," driven by refined consumer demand and diverse touchpoints [5][11] - The report highlights the integration of public and private domains in the beauty sector, emphasizing the importance of Tencent's ecosystem in facilitating this transition [5][11] Market Overview - The retail scale of China's cosmetics market is projected to reach 435.7 billion yuan in 2024, with online sales surpassing offline for the first time, accounting for over 51% [11][12] - The industry is experiencing a slowdown, with a forecasted growth rate of -1.1% in 2024, marking a shift to structural growth [11][12] Consumer Insights - Skincare products dominate consumer purchases, with 87.3% of users buying them, followed by color cosmetics (50.7%) and perfumes (49.0%) [24][25] - There is a notable generational difference in purchasing behavior, with younger consumers (post-00s and post-90s) being more influenced by KOLs and collaborations, while older generations prioritize efficacy and personal enjoyment [24][25] Channel Dynamics - Traditional e-commerce remains the leading channel (62.6%), but the WeChat ecosystem is rapidly gaining traction, with 56.2% of transactions occurring through it [11][24] - WeChat mini-programs are becoming the primary transaction entry point, and social trust significantly influences purchasing decisions, with 45.5% of users buying based on friends' recommendations [11][24] Product Trends - High-end functional skincare products and male skincare (projected market size of 17 billion yuan in 2024, with a CAGR of 11% from 2025 to 2029) are experiencing significant growth [11][12] - Multi-functional and "makeup and skincare combined" products are gaining popularity, reflecting a trend towards convenience and efficiency in beauty routines [16][26] Brand Strategies - Leading brands are leveraging public-private domain integration to drive growth, with examples including Huahua Xizi and Proya utilizing mini-programs and KOLs for effective marketing [11][24] - Future strategies should focus on product innovation, targeted audience engagement, and leveraging video content for brand awareness and conversion [11][24]

Core Viewpoint - The beauty and skincare industry experienced a subtle performance in the first half of 2025, with sales increasing by 10.1% year-on-year, indicating a shift in market dynamics towards lower-priced skincare and a rapid rise of mid-tier brands, while high-end brands maintained steady growth [3][5]. Group 1: Market Performance - The beauty and skincare market achieved a sales figure of 235.23 billion yuan in the first half of 2025, with a year-on-year increase of 10.1%, and a volume of 2.564 billion units sold, up by 5.5% [5]. - The low-price segment of the beauty market saw a market share increase of 0.5%, while the skincare market's segment of products priced at 100 yuan and below grew by 3.9% [7]. - The top 10 brands' sales increased by 3.3%, but their market share decreased by 1.0%, while mid-tier brands expanded their market share by 2.1% and saw a sales increase of 7.5% [7]. Group 2: Trends in Anti-Aging Products - The total sales of anti-aging products reached 65.49 billion yuan, reflecting a year-on-year increase of 30.3%, with significant attention on these products across social media platforms [12]. - The demand for anti-aging products has transcended age barriers, with younger consumers (25+) increasingly aware of anti-aging needs, and male consumers showing an 83.7% year-on-year increase in interest [15]. - The anti-aging market is expanding into new consumer demographics, including lower-tier cities, indicating a broadening appeal [15]. Group 3: Shifts in Makeup Trends - The concept of "naked makeup" has evolved into "authentic aesthetics," shifting consumer logic from concealing flaws to expressing individuality [4][27]. - The sales of products that combine makeup and skincare saw a year-on-year growth of 94.3%, indicating a rising consumer demand for products that serve dual purposes [37]. - The beauty market is characterized by a strong consumer preference for natural looks and personalized expressions, with keywords like "high-end" and "natural" dominating discussions [25]. Group 4: Brand Performance - L'Oréal remains the market leader with a sales figure of 5.34 billion yuan, showing a slight increase of 0.3%, while the brand La Mer experienced the highest growth among the top 10, achieving a 27.3% year-on-year increase [8]. - The brand Kiehl's saw a remarkable growth of 204.5% in the first half of 2025, driven by innovative marketing strategies and product offerings [10]. - Lancôme and La Mer maintained steady growth, while Helena Rubinstein's flagship products saw a decline in sales by 17.2% [21].

Market Overview - The Chinese foundation makeup market is expected to grow steadily, with the market size increasing from 73.19 billion yuan in 2022 to 93.70 billion yuan in 2024, and is projected to exceed 100 billion yuan in 2025, indicating a healthy and active industry phase [1][9][10] - Online sales are dominated by Douyin, which holds a 51.23% share of the online GMV, followed by Taobao with 29.02%, while Pinduoduo has surpassed JD, highlighting the potential of lower-tier markets [1][12][15] Consumer Insights - The core consumer group is aged 31-35, with 37.54% residing in third-tier cities or below; nearly 90% of consumers have skin blemishes, emphasizing the demand for coverage and long-lasting makeup [2][5] - Daily commuting (64.36%) and social gatherings (85.64%) are the primary usage scenarios, with consumers preferring natural makeup (70.24%) and valuing lightweight, breathable, and long-lasting products [2][5] Product Trends - The market is witnessing continuous upgrades in long-lasting makeup technology, with brands like Caitang and Laose achieving 24-hour wear through patented technologies; the trend of combining makeup with skincare is becoming mainstream [2][7] - Scene-specific innovations, such as mini portable products and exclusive solutions for different occasions, are gaining popularity, along with cultural empowerment and IP collaborations enhancing product appeal [2][7] Competitive Landscape - The foundation makeup category is primarily dominated by basic foundation products, with Douyin users showing a strong preference for three-dimensional makeup effects [1][16] - Estee Lauder leads the foundation liquid market on Taobao, while Douyin is dominated by brands like Passional Lover; in the cushion category, YSL has a significant advantage on Taobao, while Douyin is a stronghold for domestic brands like Ruikefu and Laose [1][25][29] Category Performance - The foundation makeup products can be categorized into four main types: base makeup, makeup primer, local touch-up products, and setting products [7] - The basic foundation category holds a dominant position across platforms, with Douyin's local touch-up category accounting for 8.7%, reflecting users' pursuit of a three-dimensional makeup look [1][16]

Investment Rating - The report does not explicitly provide an investment rating for the men's skincare industry in China. Core Insights - The men's skincare market in China is rapidly growing, with a market size of approximately 170 billion yuan in 2024, representing a year-on-year growth of 17%. It is projected to reach 292 billion yuan by 2029, indicating significant potential for expansion [4][35][36]. Summary by Sections Industry Overview - The skincare market in China is characterized by diversification, precision, and technological advancement. The market is expected to grow from approximately 3,635 billion yuan in 2024 to 4,337 billion yuan by 2028, driven by e-commerce innovations, technological advancements, and a growing demand for natural ingredients [3][29][31]. Men's Skincare Market Insights - The men's skincare market is expanding due to changing social perceptions and increasing awareness among men regarding skincare. The market is diversifying with a variety of products, and the demand for functional products is on the rise. The market is expected to see a significant increase in high-end products [4][35][36]. Market Size - The men's skincare market in China is projected to grow to approximately 170 billion yuan in 2024, with a year-on-year growth rate of 17%. The market is expected to reach 292 billion yuan by 2029, with significant growth in categories such as masks and sunscreens [4][35][36]. Product Efficacy - The primary focus of men's skincare products is on moisturizing, cleansing, and oil control. The market is evolving towards more specialized and personalized products, with innovations in technology and formulation [38][40]. Brand Performance - In the online sales channels for men's skincare, platforms like Taobao and Douyin lead in sales. While foreign brands dominate the market, domestic brands are experiencing rapid growth, indicating a potential shift in the competitive landscape [5][35]. Consumer Demographics - The consumer base for men's skincare products is diverse, with a significant portion of male consumers aged 18-35 developing systematic skincare habits. The market is also seeing a rise in demand from older male consumers for advanced skincare solutions [35][43][46]. Development Trends - The market is witnessing a trend towards younger consumers, with an increasing number of males starting to use skincare products at a younger age. The popularity of natural ingredients is also on the rise, driven by the values of the younger generation [52][56].

Core Insights - The online beauty and skincare market in China is projected to reach a GMV of 420 billion yuan in 2024, showing a counter-trend growth despite the "consumption downgrade" narrative, indicating a complex consumer behavior where budget-consciousness coexists with a willingness to spend on high-value products [1][2][5] - The market is characterized by a dual focus on practicality and emotional value, leading to significant growth in mid-range products and innovative categories like "emotion skincare" and "tech skincare" [1][13] Group 1: Market Trends - The beauty and skincare market's online sales are expected to reach 420.15 billion yuan in 2024, reflecting a year-on-year increase of 8.4%, with a volume of 4.89 billion items sold, up 7.4% [2] - In the context of "consumption downgrade," consumers are increasingly price-sensitive, with mid-range products dominating the market due to their cost-effectiveness [5][7] - The market continues to concentrate around leading and mid-tier brands, with the top 10 brands experiencing a sales growth of 17.1% and an increase in market concentration [9] Group 2: Product Innovations - The integration of skincare and makeup is creating new opportunities, with the foundation category seeing a remarkable growth of 43.5% [10][15] - The demand for multifunctional products is rising, with emotional healing and whitening being key growth drivers in the powder market, which achieved a sales figure of 5.05 billion yuan in 2024 [15] - The "emotion skincare" segment has seen a staggering growth of 466.7%, driven by consumer demand for products that address psychological needs [13] Group 3: Sunscreen Market Dynamics - The sunscreen market is evolving, with sales expected to reach 12.7 billion yuan in 2024, marking a 3.1% increase, as consumers seek products that combine skincare and makeup [22][24] - The demand for diverse sunscreen products is growing, with innovative combinations like sunscreen foundation seeing a sales increase of 517.7% [24] - Brands like L'Oréal are successfully adapting to the trend of multifunctional products, achieving a 116% growth by offering a wide range of sunscreen solutions [27][32]