After 95, I love to buy luxury beauty cosmetics and prefer makeup. The first luxury starts with makeup. On September 17th, the "2020 High-end Luxury Beauty Brand Consumption Trend Report" jointly launched by Users, New Retail Think Tank and Jinjibo Finance was released in Yintai Live Room.
The report shows that users of high-end luxury beauty brands are younger, and young consumers represented by the post-95 s and post-00 s have become important "guardians" of high-luxury beauty, which coincides with "more than half of Yintai’s new users are post-90 s".
After the epidemic, Yintai’s new retail helped high-end luxury beauty brands to recover quickly and grow rapidly, with the highest increase exceeding 200% year-on-year. Essence is a "fragrant" existence in high-end luxury beauty brands; Perfume category becomes the biggest dark horse or the next growth point.
According to the report, with the strong growth of high-end beauty brands in the domestic consumer market, young consumers’ demand for beauty services has also risen, and many brands’ beauty room care appointments have been arranged for 1-2 years.
Through the changes of online and offline high-end luxury beauty consumption trends, the report also reflects the warming of Yan value economy to some extent.
Essence leads all categories
According to the report, with the slowdown and improvement of the domestic epidemic situation, the year-on-year growth rate of the cosmetics industry turned positive in April, reaching over 20% in June, and the skin care category increased by 144% year-on-year. It is estimated that the consumption of cosmetics will reach 316.4 billion yuan in 2020.
In the first half of the year, the sales performance of luxury beauty brands in the whole network was strong, with an average increase of 243.74% in June compared with January, especially in helena rubinstein, with the fastest growth.
Yintai’s new retail helps high-end luxury beauty brands to recover quickly and grow rapidly. Even in the first half of the epidemic, the high-end brands in Yintai Department Store continued to grow substantially, with a year-on-year increase of 30-50%, especially the high-end brands mainly engaged in skin care. Sisley, LA MER, Guerlain, Pola, SK-II, CPB, HR and other brands became the TOP10 with outstanding year-on-year growth in the first half of the year.
The most popular skin care products in the first half of the year were facial care sets. Facial care suits, facial essences and masks became the three best-selling categories in the whole network in the first half of the year.
Judging from the consumption data of Yintai Department Store, the essence category is the most valued, and sales lead the whole category. At the same time, the essence is also the category that can best reflect the strength of brand research and development. Therefore, the essence category with efficacy can be said to be "fragrant" in the entire product line of luxury beauty brands.
After 95, young people are more beautiful and more afraid of old age. More and more niche and luxury beauty brands appear on the makeup tables of young girls, especially during large nodes, and the sales are explosive. 618 this year, the high-end luxury beauty brand "shines brilliantly". In the TOP10 of Yintai Department Store’s 618 sales, high-end luxury beauty products and the unit price exceeded 1000 yuan’s, accounting for 8 seats, among which LA MER Hailan Mystery Essence Cream with a unit price of 2,550 yuan became the top of 618 beauty sales; HR helena rubinstein Soothing Night Cream (Black Bandage Cream) with a unit price of 3,480 yuan ranks among the TOP7.
Three trends of luxury beauty, perfume becomes the biggest dark horse.
In the past six months, luxury beauty brands have been loved by consumers, with an average increase of 21.29%. The number of fans of YSL and Armani has increased from 7 million to 8 million, maintaining a growth rate of 16%. CHANEL and Sisley are growing at a rate of 40%+.
Yan value economy continues to heat up. Since 2015, the proportion of high-end luxury beauty consumption in the cosmetics market value has increased by 3-4% on average every year, and by 2019, this proportion has reached 48%.
According to the analysis of beauty industry insiders, the main driving factors for the continued popularity of the high-end luxury beauty market include the increase of residents’ income, the increase of international brand marketing, the convenience of purchasing (resale), and the vigorous development of online channels and cross-border e-commerce channels. It is estimated that the market share of high-end cosmetics will exceed 50% by 2025.
"Digitalization will be the only way for luxury beauty to break through the growth ceiling." According to industry insiders, this year’s Black Swan incident will also accelerate the actions of luxury beauty brands to readjust their consumer strategies. By creating new shopping scenes and consumption experiences, establishing a consumer-centered digital operation system, upgrading brand digital assets in the long-term cycle and extending the digital operation concept of consumers’ life cycle will become the development goals of luxury brands.
As a new retail sample of Ali, Yintai Department Store, the digitalization of goods, people (shopping guides, customers) and markets is an important achievement of Yintai’s new retail for three years. Through new retail capabilities, help brands bring new changes and outbreaks. Under the epidemic situation, commercial enterprises headed by Yintai Department Store "resumed work in the cloud" through new retail methods such as live broadcast, meow street, and bang, and shopping guide live broadcast for 3 hours is equivalent to the passenger flow of returning to work for 6 months. The sales generated by a live broadcast of the shopping guide is equivalent to working in the store for a week. This model attracts high-end luxury brands to actively participate.
According to Wu Xiaojie, director of national sales and development of Sisley, the cosmetics market in China is greatly different from that in Europe and America, and China consumers are more willing to spend money on skin care, especially young consumers. Young consumers have provided fertile ground for the digital transformation of Sisley, and the sales of star single products have exceeded 10 million in 11 days after opening the cabinet in Yintai. In an interview with the media, he said that the key reason for choosing to cooperate with Yintai New Retail is to choose a more efficient channel to serve customers and use new technologies and data capabilities to achieve high conversion of young customers.
POLA, known as "one of the four Hua Dan in the cosmetics industry" in Japan, has entered ten million clubs in Yintai one year; During the period of 618 this year, POLA achieved a new outbreak with the help of Yintai’s new retail.
In addition to the continuous growth of demand and the digital transformation of brands in the high-end beauty market, perfume is the strongest dark horse of luxury beauty in the first half of the year. Perfume or the next growth point has also become one of the three major trends in the development of luxury beauty.
"Take TOM FORD and Ou Long, who newly settled in Yintai Department Store Ningbo Tianyi Store in the first half of the year, as an example, the sales growth of fragrance categories is particularly conspicuous. Over 40% of the sales of TOM FORD counters come from fragrance series, and in August, they first entered the Zhejiang market and settled in GUCCI beauty of Yintai Department Store Ningbo Tianyi Store. The counters opened less than one month ago, and the sales of perfume series were also conspicuous." The person in charge of beauty cosmetics at Yintai Department Store also confirmed this.
Younger+new experience
The report shows that the overall users of high-end luxury beauty brands are younger, and young consumers after 95 and 00 who pay more attention to face value have become important "guardians" of high-luxury beauty consumption.
The post-90 s, which accounts for less than 30%, accounts for over 60% of high-luxury beauty consumption. More than 40% of consumers of high-end luxury makeup brands such as YSL, CHANEL, GIVENCHY and DIOR are post-95 s. This coincides with "more than half of Yintai’s new users are post-90 s".
From the perspective of gender, over 70% of female consumers are willing to spend a lot of money on skin care. However, 90% of users in Guerlain, helena rubinstein and Sisley are female consumers, while DIOR and CHANEL attract more than 45% of male users to buy new men’s products.
Professionally, TOMFORD is the most popular among students’ parties, and YSL is the most popular among medical staff.
Judging from the high-end luxury beauty consumption data of Intime Department Store, the post-90 s preferred three skin care products: mask, lotion and essence, and their consumption increased by more than 50%. YSL, CPB and Givenchy are the three high-end makeup brands preferred by the post-90s generation.
In fact, with the strong growth of high-end beauty brands in the domestic consumer market, the demand of young consumers for beauty services has also risen, and many brands have arranged appointments for beauty room care for 1-2 years.
Yintai uses new retail capabilities to open up online and offline service links, so that customers have the ultimate personalized experience. In the second half of this year, Intime Department Store carried out "great expansion" of high-end beauty salons in stores in Hangzhou, Xi ‘an, Ningbo and Hefei, and further "upgraded" the offline experience. LA MER, La Prairie, Sisley, VALMONT, Guerlain and other high-end first-line brands have opened or added beauty salons in Yintai stores.
These independent rooms hidden in the floors of department stores are private places where brand customers can enjoy high-end and professional skin care, and also become important weapons for beauty brands to maintain high-end customers and enhance brand added value.
Source: China Daily.
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