Posted September 09, 2018 03:06:18 When it comes to the health and beauty of the skin, there are some big gaps in the market.
According to new research, that gap is only widening, and it’s because consumers are being pushed toward skin care as a way to cut back on skin-care spending.
A report from the International Journal of Cosmetic Science, published in the latest issue of the journal Cosmetic Research, reveals that consumer spending on cosmetic products and skincare products are on the rise across the globe, especially in China.
The study, titled Skin Care Product Cost Per Dollar: The Rise of Skin Care in China, analyzed spending on skincares, makeup, and skin care, as well as the prices of cosmetic products in China and the United States.
It found that Chinese consumers are spending more than twice as much on cosmetic product purchases as they did in 2016.
The rise in consumer spending in China is in part due to a shift from the mass market to the cosmetics and skindinavia market, where consumers are increasingly searching for affordable skin care solutions.
A survey by the Korea Economic Institute found that skin care purchases are up 11 percent in the first six months of 2018, which is almost triple the increase in 2017.
This trend may be linked to China’s rapid economic growth, as it has been gaining a reputation for attracting the most affluent Chinese residents.
In fact, many of the cosmetics brands in the U.S. and Europe are now using China to sell their products, a trend that may not be sustainable in the long run.
“If we continue to grow, the skin care industry is going to get a lot more expensive,” said Tania Nave, vice president of marketing at Aeon Cosmetics in New York.
“As a result, we’re going to be pushing consumers to go into other areas of their life.”
In 2018, Chinese consumers spent $3.5 billion on cosmetics, which includes nearly 20 percent of all cosmetics spending.
That is almost twice as many dollars as the next closest country, South Korea.
According the International Union for the Promotion of Cosmetics, China was the second largest cosmetics market after the U