Core Insights - The high-end beauty industry has experienced significant growth over the past decade, with the overall beauty market reaching $124 billion and high-end categories showing strong compound annual growth rates: fragrances at 7%, skincare at 5%, and hair care at 4% [2][3] - The next decade is expected to be different, with growth slowing as high-end beauty's share of consumer spending stabilizes and competition intensifies [4] Consumer Behavior - Nearly 46% of surveyed consumers plan to reduce discretionary spending, yet beauty expenditures are often prioritized due to their emotional value [5] - Five consumer archetypes have been identified: Minimalist Rationalists, Habitual Loyalists, Balanced Aesthetes, High-End Purists, and Confident Trendsetters, each with distinct spending habits and motivations [6] Loyalty and Expectations - Brand loyalty is shifting from emotional attachment to rational choices based on product efficacy and value, with 48% of consumers prioritizing product quality over brand heritage [8][10] - The rise of "value-for-money" culture indicates that price and efficacy have surpassed traditional brand loyalty, with 56% of consumers having tried alternative products that they believe perform equally well [10] Efficacy and Innovation - Efficacy is now a baseline expectation rather than a differentiating factor, with 85% of respondents considering high-quality ingredients important [13] - Consumers express dissatisfaction with product efficacy across categories, particularly in hair care (39% dissatisfied) and skincare (36% dissatisfied) [15] Health and Self-Identity - Consumers expect beauty products to enhance not only appearance but also mental and physical well-being, with health being a key attribute of beauty products [21][23] - For younger generations, beauty serves as a means of self-expression and identity, with over 52% of Gen Z respondents viewing beauty as a crucial aspect of their self-identity [25] Channel Dynamics - Amazon has emerged as a dominant player in beauty shopping, leading in discovery, research, purchase, and repurchase stages [27] - Consumers evaluate beauty shopping channels based on four core pillars: curation, community, convenience, and experience [31] Strategic Implications for Brands - Brands must redefine loyalty by focusing on effective products and quality platform experiences, emphasizing scientific validation and innovation [12][20] - To remain relevant, brands should integrate health and self-expression into their narratives while ensuring a seamless experience across all channels [26][38]

Core Viewpoint - The high-end skincare industry is facing significant challenges as consumers increasingly compare the value of expensive skincare products with medical beauty treatments, leading to a shift in spending preferences [3][4]. Group 1: Price Competition - A price war is intensifying in the medical beauty sector, with many institutions lowering prices to attract customers, resulting in a significant drop in treatment costs [8][10]. - Platforms like Meituan and JD are actively promoting medical beauty services, contributing to a downward trend in pricing and making services more accessible [10][12]. Group 2: Changing Consumer Demographics - The consumer base for medical beauty is becoming younger, with the post-95 and post-00 generations emerging as the main spending force, while the average spending per visit has decreased by 10% in 2024 [12][14]. - The shift towards more affordable medical beauty options is increasingly appealing to younger consumers, who are prioritizing cost-effective skincare solutions [12][18]. Group 3: Market Competition and Mergers - Competition among medical beauty companies is intensifying, with a focus on mergers and acquisition of agency rights, indicating a period of expansion in the market [13][14]. - The medical beauty market is projected to grow rapidly, reaching nearly 370 billion by 2025, with a compound annual growth rate of 17.4% since 2020 [14][18]. Group 4: Impact on High-End Skincare Brands - High-end skincare brands are losing market share, with over 20 billion in revenue lost over the past 4-5 years, as consumers question the value of premium products [14][16]. - The spending patterns of high-end beauty consumers are shifting, with entry-level and some mid-tier consumers moving towards medical beauty options, impacting the traditional luxury skincare market [16][18]. Group 5: Consumer Preferences and Decision-Making - Consumers are increasingly favoring medical beauty treatments that offer immediate results and scientific backing over traditional high-end skincare products that rely on emotional branding [23][24]. - The demand for effective and affordable medical beauty solutions is reshaping consumer decision-making, leading to a preference for treatments that provide better cost-effectiveness [23][24]. Group 6: Strategies of High-End Brands - High-end skincare brands are exploring new strategies, including enhancing product technology and integrating medical beauty channels to capture a share of the growing market [24][30]. - Some brands are adopting a differentiated approach, focusing on unique value propositions and exclusive services to retain high-net-worth customers [32][36].

Core Viewpoint - The high-end beauty market in China is facing growth challenges, and "emotional value" is becoming a key to breaking through these challenges. The emotional consumption market in China is expected to exceed 2 trillion yuan, highlighting the need for beauty brands to meet consumers' deeper emotional needs [3][26]. Group 1: Emotional Value in Marketing - The integration of emotional value into marketing strategies is essential for beauty brands to resonate with consumers and achieve commercial success [3][4]. - SK-II's collaboration with the band Mayday during the Qixi Festival exemplifies a successful emotional marketing strategy, creating a "super communication" event that resonates widely with consumers [4][19]. - The "Jingxi Flower Shop" pop-up store created by SK-II during the Qixi Festival attracted significant consumer engagement and social media buzz, showcasing the brand's ability to connect emotionally with its audience [5][15]. Group 2: Product Innovation and Customization - SK-II's "Flower Bouquet" gift box, featuring a romantic floral design, symbolizes happiness and vitality, and allows for consumer customization, enhancing its emotional value [7][21]. - The product's design and the incorporation of Mayday's song "Loveing" as a theme create a unique emotional connection, making the product a "gift of emotional art" rather than just a beauty item [7][21]. Group 3: Consumer Engagement and Experience - The offline pop-up store transformed the marketing experience into an emotional engagement platform, shifting from a sales-focused approach to an experience-driven model [17][19]. - The marketing strategy effectively utilized social media to encourage consumer participation and sharing, creating a viral effect that amplified the brand's reach [13][24]. Group 4: Long-term Brand Strategy - SK-II's marketing approach reflects a deep understanding of emotional economics, focusing on long-term emotional connections rather than short-term emotional releases [34][36]. - The brand's consistent engagement with consumers through various campaigns has established it as an emotional symbol, fostering a strong emotional bond with its audience [32][34]. Group 5: Market Trends and Insights - Research indicates that the compound annual growth rate of China's high-end beauty market is declining, necessitating a shift in marketing strategies to rebuild brand perception and consumer relationships [26][27]. - SK-II's ability to adapt to these market changes by emphasizing emotional value and consumer connection positions it as a leader in the evolving beauty landscape [26][29].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 太美医疗科技 港股｜挂牌上市 据IPO早知道消息，浙江太美医疗科技股份有限公司（以下简称"太美医疗科技"）于2024年10月8 日正式以"2576"为股票代码在港交所主板挂牌上市。 太美医疗科技在本次IPO中总计发行2577.万股H股股份，其中，香港公开发售部分获156.33倍认 购，国际发售部分则获2.58倍认购。 成立于2013年的太美医疗科技作为一家在中国专注于医药及医疗器械行业的数字化解决方案供应 商，设计并提供行业特定的软件和数字化服务，有助医药及医疗器械的研发与营销。 根据灼识咨询的资料，以2023年收入计算，太美医疗科技是中国医药及医疗器械研发和营销领域最 大的数字化解决方案供应商。截至2024年3月31日，太美医疗科技已为1,400多家医药企业及受托 研究机构提供服务，覆盖全球25大医药企业中的21家以及中国医药创新企业100强中的90家。根据 灼识咨询的资料，按客户数量计算，太美医疗科技已成为中国医药及医疗器械研发和营销领域应用最 广泛的数字化解决方案供应商。 太美医疗科技董事长 ...