Core Insights - The beauty market in China is experiencing a transformation, moving from a phase of "scale expansion" to "quality and efficiency competition" as indicated by a 2.9% growth in retail sales of cosmetics in the first half of 2023, which is below the 5% growth of total retail sales [7][8] - Tmall's data shows that over 200 leading merchants achieved double-digit growth in the fast-moving consumer goods sector, and more than 500 new brands saw a year-on-year increase of over 40% in transactions [3][4] Group 1 - The theme of this year's Golden Makeup Awards is "Creating Wind," focusing on a strategy that emphasizes quality and innovation to drive sustainable growth in the beauty industry [4] - The shift in consumer behavior indicates that 47% of Chinese consumers prefer familiar brands, which are built on continuous innovation and deep trust with users [8][10] - The success of new products during the 618 shopping festival highlights the importance of innovation, with 453 brands achieving over 100 million in sales, driven by nearly 109,000 new product launches [11][24] Group 2 - The current market dynamics show that brands must focus on product strength and brand power, as consumers are returning to rational purchasing behaviors [15][30] - Tmall's strategy includes enhancing user operations and deepening engagement with high-value consumers, resulting in a 25% year-on-year increase in transactions from VIP members [29][30] - The "four growth flywheels" strategy implemented by Tmall aims to support brands through marketing, product quality, audience targeting, and traffic expansion, which has proven effective in driving growth [21][30] Group 3 - The beauty market is witnessing a rise in high-value consumer segments, with premium brands showing resilience and growth, as evidenced by the awards given to high-end products at the Golden Makeup Awards [13][19] - Tmall's initiatives to support new products and brands have led to a significant increase in new product visibility and sales, with new product traffic increasing sixfold [24][30] - The collaboration between Tmall and beauty brands is fostering a sustainable growth model, emphasizing long-term strategies over short-term gains [30][33]