Q1 2024 Whitepaper: China's Beauty & Skincare Market Analysis

Key Finding 1

China's online beauty & skincare market reached CN¥ 98.33 billion in Q1 2024, up +1.3% YoY — a modest recovery driven by mid-to-low-price products as the market digests a structural shift toward value.

The market's volume growth far outpaced revenue — units sold rose +16.2% YoY to 990 million, confirming that average selling prices declined as consumers increasingly favored sub-CN¥ 100 products. In the beauty segment, the under-CN¥ 100 price tier led with +25.3% revenue growth. In skincare, the CN¥ 300–500 range was the standout, growing +10.6%, while the CN¥ 500+ tier broadly contracted. Channel dynamics reinforced the rise of content-led commerce: beauty and skincare revenue on a leading content-led marketplace grew +42.9% YoY as the channel gained share. This signals a decisive shift in where beauty consumers discover and purchase products, with implications for brand investment strategies.

Key Finding 2

The largest brands grew +23.6% YoY — 18x the overall market growth rate — confirming that the beauty & skincare market is polarizing between leaders and the long tail.

Domestic brands are the primary beneficiaries of this concentration. Kans (韩束) built its quarter on a purpose-built custom short-drama strategy co-produced with influencer Jiang Shiqi, and Proya (珀莱雅) on peptide-based skincare sets, while among international brands La Mer and Whoo (后) anchored their ranges in premium gift sets. Concentration among the largest brands increased, while the long tail of smaller brands lost -8.7% and gave up 5.6 percentage points of the market, despite registered brand counts growing +11.7%.

Key Finding 3

Two parallel consumer themes defined Q1 2024: "precision skincare" as a functional framework, and beauty-as-emotional-outlet as a behavioral driver — together reshaping product demand and social media content.

On the functional side, "barrier repair" social media discussion grew +657.9% YoY, and "precision skincare" topics grew +686.4% — both well above the market's +96.2% overall voice share growth. On the sales side, collagen supplementation products grew +58.4% to CN¥ 5.29 billion GMV, and single-use essence ampoules grew +56.7% to CN¥ 1.83 billion. On the emotional side, "dark/gothic makeup" products grew +45.0% in revenue and +217.4% in voice share, as young female consumers embraced expressive, non-conformist aesthetics. "Emotional skincare" as a concept saw +40.3% sales growth.

Key Finding 4

Makeup remover and blush — both historically small categories — are on divergent upgrade trajectories that signal deeper structural shifts in how Chinese consumers approach beauty routines.

Makeup removers grew +9.7% YoY to CN¥ 1.64 billion, but the category composition is shifting dramatically: cleansing oils (+24.1%) and cleansing balms (+23.0%) gained share while cleansing water fell -14.7%, as consumers moved away from cotton-pad-based routines toward more thorough, skin-friendly formats. Social media discussion of makeup removal grew +131.7% YoY. Blush grew +43.3%, with cream blush now accounting for 46.3% of the sub-category — up 15.3 pct in one year. Notably, male consumers accounted for 29.1% of makeup remover discussion and 32.0% of blush discussion, signaling sustained male grooming market expansion.