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Economic Analysis of China’s Beauty Market

In: Proceedings of the 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023)

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  • Yikun Li

    (The Chinese University of Hong Kong (Shenzhen))

Abstract

Based on the reference article from McKinsey, five trends will influence China’s economic growth [1]. The increasing upper-middle class will be the main power for the global consumption of discretionary categories, which have higher incomes and contributes a lot to fashion, beauty, electric vehicles, etc. [2]. Compared to the biggest cities in China, the next tier of cities will play a pivotal role in provoking the consumption of China, though the biggest cities hold the major of urban consumers [3]. With the shifting of consumers’ attitudes towards the brand, Chinese consumers are always proud of domestic brands and set a great wave of a new trend – Guochao in different industries, such as fashion and electronic vehicles [4]. What’s more, the popularization of digital consumption and payments will lead China’s consumption to a dramatic increase. The S-curve in China’s various new industries illustrates that the higher penetration of industries will shape the growth of China’s economy. This paper will focus on the analysis of China’s beauty market from an economic perspective [5].

Suggested Citation

  • Yikun Li, 2023. "Economic Analysis of China’s Beauty Market," Advances in Economics, Business and Management Research, in: Yushi Jiang & Guangming Li & Wilson Xinbao Li (ed.), Proceedings of the 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023), pages 323-328, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-142-5_36
    DOI: 10.2991/978-94-6463-142-5_36
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