The standing, subversion and new life of the domestic cosmetics industry

Core point

Cosmetics have a beautiful and associated consumption attribute, and naturally produce stubborn vitality and excellent explosive power; in my country, although cosmetics consumption fluctuates in a short period of time, in the long run, benefiting from the dual release of consumer population and customer unit price, cosmetics are basically in the prosperity cycle.

国内化妆品行业的屹立、颠覆与新生

From the perspective of division, beauty categories such as skin care products and makeup are in the period of high -speed growth penetrated, and there is a space for opening up disruptive opportunities through explosive logic; from a brand perspective, brand matrix expansion based on multiple positioning considerations is the company in the industry. Unified trend.

The rise and fall of the sales channel tests the sensitivity of the brand’s changes in channels, and accelerates the positive confrontation from different market brands. At present, the rapid development of domestic e -commerce, franchise stores and single -brand store channels brings a hint of uncertainty to the industry pattern.

国内化妆品行业的屹立、颠覆与新生

Marketing focuses on the continuous shaping of brand value. With the development of mobile Internet and the visualization of social media, digitalization and fragmentation of traffic entrances, consumers have stronger personality and preferences, and put forward new requirements for cosmetics marketing ideas.

The production and development level determines whether cosmetics companies can have the ability to renew their products and output brands stably, and determine whether its product quality effect can support the long -term operation of enterprises.

国内化妆品行业的屹立、颠覆与新生

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The core target group with strong consumption value and the most stable consumption cycle as the core target. It has “dual positioning of luxury goods and daily necessities, unlimited demand cognition and desire to buy, strong psychological comfort and self -satisfaction.” It can be said that it is a kind of optional consumer product category of fearless time and space:

1)

Concept awakening causes strong demand, how irreversible consumption habits

: From ancient times, no matter Chinese and foreign, beauty (especially beautiful) has always been the common and eternal pursuit of human beings (especially women’s groups). Since entering the 20th century, the increasingly improved industrial conditions such as the technology and policy management and control of the cosmetics industry, the improvement of economic level and personal income, the improvement of female status, the release of independent and free rights, the continuous spread of the concept of makeup aesthetics, and the deepening of the society’s aesthetic concept of makeup. Consumers’ education of cosmetics is gradually mature; especially after the awakening of modern women’s self -consciousness, in the process of walking from the small circle of family to the workplace and social circle, “face value consumption” such as cosmetics has become a part of the people. The “rigid demand” opened, and some cosmetics have even preliminarily equipped with higher frequency consumption attributes similar to fast consumption. In addition, women at different ages have different perspectives of cosmetics consumption, from changing beauty (whitening, freckle removal, makeup, etc.) to maintenance (antioxidant, anti -aging, etc.). But there is no end; and because the complete makeup steps are very long, the brands under each product are also very large. Usually, after the breakthrough of cosmetics purchases from 0 to 1, it will often derive more professional in simple functional purchases. , Exquisite and diverse desire to buy, increase consumer goods categories and brands, and form an irreversible superposition consumption effect.

2)

Low price has lipstick effect, high prices meet upgrade attributes

: Cosmetics can be divided into Volkswagen, medium, and high -end types based on the price interval where they are located. For Volkswagen cosmetics, as “cheap and non -necessary things” and more than other products, it has a more pleasant and comfortable effect. Therefore, it presents a more obvious cycle. For large -scale expenditures, instead have “idle money” to buy such products at hand, their sales will rise straight up. This is economically called lipstick effect or low -cost product preference trend, and has experienced verification abroad. Among them, the reason why lipstick can be used as a typical product named this phenomenon is that we believe that it is mainly because the price of the brand (even the high -end brands) is more controlled within 300 yuan, and it can be able to do it under the economic conditions of the downturn. The scope of consumption, at the same time, has a higher frequency of use, the most obvious changes in the color and psychological state brought by it, making people have stronger consumption desires. For high -end cosmetics, its upgrade commodity attributes are very strong, and they are more affected by economic fluctuations. Therefore, it is obviously benefited from consumption upgrades. As consumers’ consumption capacity continues to increase and high -premium consumption preferences, the growth rate has achieved growth. Essence

1

Yao Ran

国内化妆品行业的屹立、颠覆与新生

“Chinese Story” of Cosmetics Consumption

During the period from 2017 to the first half of 2018, China’s cosmetics retail market once ushered in a period of high -speed growth. In 2017, the cumulative growth rate of cosmetics retail sales above the domestic limit was as high as 13.5%, which was 5.3 percentage points higher than the total retail sales of goods above the limit. ; Although the growth rate slowed down in the second half of the year in the second half of the year, the cumulative growth rate of cosmetics retail sales in the year still maintained 9.6%year -on -year, which was 3.9 percentage points higher than the total retail sales growth rate of more than 5.7%. The import amount data of cosmetics also has the same trend as the retail market. In 2017, the cumulative growth rate of cosmetics imports was 47.0%year -on -year. In 2018, the year -on -year growth rate was 70.5%, which was 16.6 and 40.1 percentage points higher than in 2016. Of course The influence of factors such as tax reduction, but the driving of residents ‘consumption cannot be underestimated. Investigations of the Ministry of Commerce show that consumers’ demand for imported goods has become the most watched category with a proportion of 36.1%.

Of course, in the second half of 2018, especially in the fourth quarter of the fourth quarter, the decline in the growth rate of cosmetics retail sales and even the sluggish performance doubled the pressure of relevant companies, and also brought a sweat for the viewers of various roads to the development trend of the cosmetics market. However, we believe that although in the short term, it will fluctuate with the changes in the disposable income of the macroeconomic and residents, but in the long run, the dual potential of the cosmetics consumer population and customer unit price are released. The makeup industry is basically in the development cycle of prosperity in China.

According to Euromonitor data, the size of the Chinese cosmetics market in 2017 was about 361.57 billion yuan, an increase of 9.64%year -on -year, and the growth rate of the global cosmetics market was 4.39 percentage points. As an emerging demand market for cosmetics, China’s market size in 2008 to 2017 The average compound growth rate was 9.11%, far exceeding 1.94%of the global market, second only to India (13.43%) and Brazil (9.13%); in 2011, my country surpassed Japan to become the world’s second largest cosmetics market, second only to the United States, 2017 The market share accounts for 11.5%. According to the data of the National Bureau of Statistics, in 2018, the retail sales of cosmetics at above the limit in my country will reach 261.9 billion yuan, and the overall retail sales will be higher.

Specifically, we can simply regard the domestic cosmetics consumption volume simply as the product of the cosmetics consumer population and per capita cosmetics consumption.

Some of the cosmetics consumer population is the so -called core population of cosmetics. According to the definition given by Shiseido, three conditions need to be met: one is urban residents, the other is the age of 20, and the third is not less than 30,000 yuan. We will fine-tune the above basis to calculate the standards for urban women, 15-64 years old, and per capita disposable income of not less than 30,000 yuan. It is conservatively estimated that the core population of my country’s cosmetics in 2018 is 177 million. In addition to the core group, in my country, cosmetics consumption is advancing the consumption concept and purchasing ability from the three dimensions of age, gender, and region:

First, the continuous transformation and release of young purchasing power.

Unlike the characteristics of the positive and consumption level of cosmetics and consumption levels abroad, intergenerational switching in my country has a subversive effect on cosmetics consumption. Standing at the current time, it is a lack of beauty habits and concentrated on basic category care products.的中老年消费者不同,泛90后(85、90、95后)的美丽消费倾向和消费意识更加超前,化妆品消费支出超过其他年龄层,成为贡献的主力军,据央视统计,2018年70/ After 80/90/95, the growth rate of beauty consumption of 55%, 90%, 202%, and 347%respectively; at the time of the future, the youthfulness and aging of cosmetics will continue to consumption over time will continue to consume consumption over time. The strong new forces are absorbed in, and at the same time, the original young groups that have developed makeup habits are delivered to middle -aged and even middle -aged and elderly to complete the complete increase of cosmetics.

Second, male image management is popularized

国内化妆品行业的屹立、颠覆与新生

Essence The gradual popularity of men’s consumption such as “small fresh meat” and “beautiful men” has enhanced the attention of male groups to cosmetics. It has also begun to use cosmetics to improve the quality of life and enhance self -confidence. It is expected that domestic male cosmetics from 2016 to 2019 The average annual consumption increased by 13.5%, leading the growth rate of the overall market. In addition, according to data from the 2018 Jingdong 618 and Tmall Double Eleven Shopping Festival, the foundation of the foundation, lipstick/lipstick, eyebrow pencil, perfume, etc. New favorite.

Third, the sinking channel drives the awareness of beauty to penetrate the low line

Essence Low -tier cities and rural areas have a larger population base, more convenient population flow, higher -speed information transmission, and more unbounded commodity circulation. The urban agglomeration, consumption potential is stimulated. The “2017 Beauty Consumption Report” of Jingdong Consumption Research Institute shows that among the consumption indexes of consumption in various lines, the cosmetics consumption index of cosmetics in the five -line region is the highest year -on -year The year -on -year growth indexes of the four -line region also reached 186%and 160%, respectively, and the growth indexes in the first, second, and third -tier regions were 100%, 118%, and 139%, respectively.

From the perspective of per capita cosmetics consumption, the size of the cosmetics markets in various countries can be roughly concluded by the total population of cosmetics (note that the division here is not the core population but the total population. It can be considered that the per capita consumption of the core population should be higher).) In 2017, this number in my country was 38.5 US dollars, about 261 yuan, but the same period of the United States, Japan, Britain, France, Germany, and South Korea all exceeded 200 US dollars (1360 yuan). Japan ranked cosmetics for $ 284.7 The per capita expenditure is the first, or about 1935 yuan. my country’s personal cosmetics consumption level is only less than 1/5 of developed countries. In the future, it will inevitably have higher per capita consumption.

国内化妆品行业的屹立、颠覆与新生

When domestic consumers basically complete a whole round of change from plain faces, resistance to makeup, feeling waste to face value consumption cognition, develop makeup expenditure habits, and actively pursue makeup upgrades. In this process, it contains the possibility of long -term prosperity and a broad market potential space.

2

Category brand:

国内化妆品行业的屹立、颠覆与新生

Eternal expectations for differentiation and diversity

2.1 Category Differential, Beauty and Make -ups Upward

The concept of cosmetics is widely included in any part of the human body (skin, hair, nails, lip teeth, etc.) scattered on the surface of the human body to achieve the purpose of cleaning, maintenance, beauty, modification and change of appearance, and to correct the purpose of human smell. The categories are divided into skin care products, makeup, hair care, bath, oral care, infant care, men’s care, perfume and other fields. Among them, the growth and development of individual care categories in the country earlier than beauty and other categories. It started in the late 1990s. At present, the maturity period of low -level growth, high penetration rate, absolute faucet (P & G, United Leihua, etc.), in the whole, in the whole, in the overall as a whole In the market that tends to be saturated, the dynamic structure adjustment that maintains its own stable consumer group and perform dynamic structure that meets the needs of subdivisions is particularly important in operating competition; the prosperity cycle of beauty categories starts late. In the period of growth, there are still space to open up a new opportunity for disruptive new opportunities through the explosive logic of “explosive products → category awakening → player enter → mature category → head brand”; Initial niche stage. According to statistics, in 2017, skin care products in my country’s cosmetics market accounted for half of the rivers and mountains, with a proportion of 50.01%; the proportion of makeup was 9.22%, and there was still a gap between the market proportion of 18.0%and 18.5%of Japanese and American makeup consumption; Hair care, oral and bathing categories accounted for 13.68%, 9.43%, and 5.90%, respectively. According to the retail data of Kaido online and offline omni -channel, skin care products and makeup in Chinese makeup products in 2017 increased by 17.0%and 29.3%year -on -year, far exceeding the growth rate of 7.7%of individual care categories.

2.1.1 Skin care products: long -lasting maintenance, breakthrough in concepts and usage

In the category of skin care products consisting of facial care, body care, hand care and care suits, facial care has stabilized for about 90%of the skin care market over the years, and the market size in 2017 was 162.49 billion yuan. According to the category, facial care can be divided into types such as cleansing, mask, cream, essence, lotion, sunscreen, lotion, eye cream, lip care and other types.

Skin care products are a cosmetics that pay more attention to efficacy. It requires long -term use of long -term use to regulate and maintain its own skin status, which means that consumers usually combine their age and skin quality conditions to form improve demands for individuals, and and also, and it is suitable for individual improvements. Based on efficacy (such as cleaning, hydration, oil control, acne, anti -wrinkle, whitening, brightening, freckle removal, converging pores, removing blackheads, etc.), ingredients (animal and plant extract, chemical formula and acid ingredients, mineral composition, etc.), prices, etc.) (According to the target group, it is divided into a high-end low-end, a mass mid-end of 50-100 yuan, a high-end high-end of 200-300 yuan, a mid-end of 300-500 yuan, a high-end of 500 yuan, and more than 1,000 yuan Top -level, etc.) Choose skin care products and gradually adjust under the judgment of the sense of use, forming items and brands that prefer long -term use and repeated purchases for a period of time. In addition to the continuous attempts of novice on the road, the emergence of personal consumption levels, individual demands, individual demands In addition to changes and other situations, usually people choose the appropriate skin care products that are “not wrong” for staged continuous use, which is why many classic skin care products have endured long -lasting reasons. However, on the other hand, in the context of my country’s skin care and exquisite level of improvement, the sense of skin care concept has not been stable, skin care consumption capacity is released, and consumer education is still in progress. Therefore Vortex, the advantages of grasping the timing of the curve overtaking, can break through the following two aspects:

The first is the grasp of the new concept

Based on the trend from basic nursing to deep nursing development, and the update of consumer demand, it quickly follows up the product iteration of new effects and popular ingredients. For example, in recent years, skin care products with the effects of anti -primary, staying up late, anti -blue light, anti -PM2.5 effect and customized concept, as well as natural organic ingredients that have produced heat before, and nicotinamide ingredients with whitening effects in 2018, etc. Essence

The second is the subversion of new usage

, By changing the skin care carrier and composition concentration, innovative use and improvement efficiency. In the past few years, the rise of mask categories (the domestic mask market size of 20.75 billion yuan in 2017, the proportion of skin care products has increased to 11.12%, the average compound growth rate of 2012 to 2017 was as high as 15.79%), and the recent ampoules Popularity is the best example of confirming. Antou (translated from ampoule) refers to a full -closed small -capacity brown glass container that looks like injection injection. The use of sealing nitrogen filling can allow essence products to isolate ultraviolet rays and oxygen Concentration and activity, the effect is 6 times the equivalent of ordinary essence. It can supplement a lot of nutrients to the skin in a short period of time, producing a magical effect similar to “one night to spring”. 2017 is considered to be the first year of China’s “Ans bottle”. An Ping is regarded as a phenomenon -level IP that stirred the beauty industry to successfully achieve a breakthrough of “from 0 to 1”, and it has maintained the popularity to this day. While the Spanish cosmetics brand represented by MartiderM borrows a new category of a bottle to stabilize the Chinese market (in 2018 Double 11 Import Consumption List, Tmall International Beauty TOP10 List Martiderm tops the list, and ISDIN ranks sixth sixth. ), Estee Lauder, L’Oreal, Lancome and other international beauty brands and many domestic brands such as Nature Hall, Personia, and Ou Shuman have also followed up, and have launched ampoules products. The original liquid refers to adding a relatively single high -concentration skin care ingredient. It can give the skin more direct, safer, and stronger maintenance, restore the best state in a short period of time. The brand’s sales have risen high.

2.1.2 Makeup: immediate shadow, attach importance to aesthetic taste and quickly push new

It can be concluded that L’Oreal has been calculated that makeup has been driving for many years as a global cosmetics. In my country, makeup is also the most eye -catching category in the cosmetics market at this stage. Beautiful feast. Euromonitor data shows that the size of the domestic makeup market in 2017 was about 34.417 billion yuan, a year -on -year increase of 21.35%, and the average compound growth rate from 2012 to 2017 was 13.67%. Common makeup products can be divided into makeup, foundation, concealer, makeup, eyeliner, eye shadow, eyebrow tools, blush, lipstick, highlights, repair, etc.; Based on simple and efficient and convenient use of demand, a hot foundation makeup product.

国内化妆品行业的屹立、颠覆与新生

Make -up is an intuitive experience cosmetics that can quickly change the visual effect of the face after use and obtain the need to get the need for makeup. Compared with the skin care products mentioned earlier, first of all, makeup consumers focus on the transmission of aesthetic taste, including the color texture of the product itself, the fun and fashionability of the appearance packaging, and the uniqueness and fit of even the brand culture; second The efficacy test period of makeup is very short. It can be said that it is rising, and the changes of emerging fashion trends and hotspots are also very fast. Therefore, consumers’ elimination speed and update speed of makeup products are extremely fast. The price of makeup and other makeup such as eye shadow is not expensive, and consumers have a sensual purchase thinking of “having a pleasure”, so there are usually more “stocking” attributes that buy more and more. Beautiful makeup consumers buy 3.3 lipsticks a year; fourth, makeup, as a sense of sensory consumption with strong personalized and high freshness characteristics, is the easiest to grasp the attention of young consumption forces. Visual tools generate high discussion, sharing, and promotion.

Based on the characteristics of makeup, new players have great room for play in this field. The typical representative is that Mary Dajia, which was founded in 2008, has risen in the domestic makeup market. The key to the expansion of the makeup market should be the grasp of trendy taste and the speed of new products. Through style positioning, design style, and visual expression, make makeup companies with brand cognitiveness. The promotion and sales of “younger”; at the same time, shorten the new product R & D cycle, improve the new speed, control the inventory turnover, and control the balance between the out stock and the backlog inventory.

2.2 Brand diversified, matrix layout is the mainstream

According to grades, cosmetics brands can be divided into high -end, mid -range and popular brands. In 2017, the domestic market accounted for 20.94%, 19.72%, and 59.34%. Middle and high -end cosmetics had high demand elasticity. From the year to the first half of 2018, the main cause of the growth of the entire cosmetics retail market is 10.24%and 10.18%of the average annual compound annual compound growth rates from 2012 to 2017, while the growth rate of Volkswagen cosmetics is only 4.61%. According to the place where the enterprise is, the cosmetics brand is divided into international brands and domestic brands. Due to the early establishment time of international cosmetics brand companies, it has deep experience in the cosmetics industry chain. Single products (such as green bottle, fairy water, small brown bottle, red waist, small bulbs, etc.), several giants now have a global scale of hundreds or even hundreds of billions of yuan. In the 1980s and 1990s After entering the Chinese market, Estee Lauder, L’Oreal, LVMH, Shiseido, etc. have also basically monopolized the high -end market of domestic cosmetics. According to the latest 2018 financial reports of major international cosmetics groups, many companies named the Chinese market from quantitative and qualitative roles. The change of high -end brand advantages and performance driving role; while the local brand relies on the cost -effective advantage, with the help of popular cosmetics branding, emerging channels and emerging categories, Dongfeng has made breakthroughs in the public market. The four companies have been on the top ten list of Volkswagen Cosmetics market.

国内化妆品行业的屹立、颠覆与新生

Generally, cosmetics companies are considered by multiple positioning of cosmetics, different people, different populations, grades, and even regional differences, which will form an industry unified trend of brand rich expansion. Foreign cosmetics faucets have basically formed a mature multi -product and multi -brand matrix play method. There are as many as dozens of cosmetics brand lines through internal breeding and extension mergers and acquisitions to achieve more consumer segmentation needs and demand and The coverage of a wider consumer market; and local cosmetics companies are mostly young companies, focusing on cultivating 1 or 2 core brands as the starting point of cutting into the market (the proportion of revenue of several local companies’ core brands is generally more than 70%or more ), After the market was initially stood up in the market, we realized that the sales ceiling of a single brand always existed, and began to gradually enrich the products and brand lines. In several dimensions such as categories and grades, because local brands are mostly started from the mass market, the grades have a lot of barriers and difficulties to expand to higher -end.

3

Sales channels:

国内化妆品行业的屹立、颠覆与新生

Rise and decline trend catalyze the turbulence between enterprises

Offline, cosmetics brands directly or indirectly docking in direct or indirectly connecting department stores, super/KA, specialized stores/CS and other terminal retail networks through direct or distribution. %To 30%, while offline retail terminals are generally inlet at 50%off the cosmetics retail price (some international brands may be as high as 50%off or above), and the rent or entry is paid on the basis of 40%to 50%gross profit margin. The exhibition fee, deduction point, manpower, advertising promotion and other expenses; online, the sales of integrated e -commerce, vertical e -commerce, cross -border e -commerce and social e -commerce are realized through pro -operators. The upper channel can avoid rents and human fees. Therefore, the retail price of online cosmetics is usually lower than offline channels, and the gross profit margin is about 20%.

The department store is a channel for experience consulting services, brand image promotion and product display in the form of counters with beauty shopping guides. It also has the entry threshold for optional consumption and image value. The presence of product and makeup products (especially international brands), the price of cosmetics sold is basically a relatively high area of ​​200 to 2,000 yuan; supermarket/KA channels are more in line with the protection of fast -moving products and mass skin care products. The number of display brands is large, and the display is distinguished by categories. There is no obvious brand separation. Brand agents and membership have great advantages. The cosmetics brands in the store are usually around 10. At present, there are both main mid -end brands and high -end brands, and they usually have built -in their own brand cosmetics. In addition to the upper and offline channels, a single brand store is a supplementary offline channel with a good domestic momentum. It has the advantages of the supply chain directly provided by the brand. In addition to selling products, a single brand store is more important. Increasing consumer stop time, make it more impressive of the brand product structure and efficacy concept, and get direct feedback from consumers. Both international brands and local brands have tried to make single brand stores. In addition, the characteristics of cosmetics standard, short -cycle repeated purchase, and continuous accumulation of traffic determine that it is very suitable for online sales. Compared with offline channels, e -commerce channels have extensive brand coverage, abundant traffic acquisition, discount discounts, information, information The advantages such as communication sharing have developed rapidly with the strong penetration of domestic online retail in recent years. While cultivating a number of Amoy brands, it has gradually eroded the offline channel share of mainstream brands.

Relevant data shows that the proportion of e -commerce channels sold in cosmetics in my country from 2010 to 2017 increased from 2.6%to 23.2%, an increase of 20.6 percentage points; at the same time, department stores and super -commercial KA were affected The proportion dropped from 28.6%to 18.7%, a decrease of 9.9 percentage points, and the proportion of commercial super -KA from 41.3%to 27.7%, a decrease of 13.6 percentage points; Rising, increased from 15.4%to 19.8%, an increase of 4.4 percentage points.

The rise and fall of sales channels tests the sensitivity of cosmetics brands to changes in channels, accelerate the time when the brand of the brand that was originally in different regional markets, and also brought a trace of uncertainty to the brand pattern. We believe that while firmly occupying the advantages of first -tier and second -tier cities, international brands will undoubtedly see the huge consumption base in low -line areas, upgrade consumption potential, and increasingly complete infrastructure. The 20th anniversary press conference of L’Oreal announced the layout of third- and fourth -tier cities to become the new strategic direction of the group); on the contrary, local brands may not only be passively defeated. Many local brands can improve brand positioning, deepen brand impressions, strengthen their touch through channel layout, and strengthen their touch. Scope thinking has also been awakened.

国内化妆品行业的屹立、颠覆与新生

3.1 E -commerce channels for attack

国内化妆品行业的屹立、颠覆与新生

In the process of the development of traditional e -commerce platforms, cosmetics have achieved the emergence of the Amoy brand, the development of local brands, and the sinking of international brands with the help of e -commerce channels.

1) Family Family Family, Afu essential oil, Yu Nifang and other Amoy brands have been established from 2005 to 2006. With the help of channel dividends and cheap advantages, they are active in the consumer group and achieve great growth in sales. As an example, the Royal Family Hui is an example. Its revenue of its revenue from 2014 to 2017 exceeded 50%, and online revenue accounted for more than 90%. However, recently, e -commerce channels have gradually become branded. The brand’s natural affordable characteristics have brought low -end disadvantages. Many Amoy brands that simply rely on channels to bring goods and fail to build brand power have gradually fallen out of the market;

国内化妆品行业的屹立、颠覆与新生

2) Once offline low -line cities and county markets, local brands, which are struggling to fight, quickly responded according to the characteristics of market channels. The online revenue proportion of cosmetics such as Shanghai Jiahua and Perrya accounted for 21.84%and 36.06%in 2017, and the proportion of online sales in Perlaya in the first half of 2018 continued to rise to 39.54%;

3) If local brands have increased the opportunity to enter the core city consumer market through e -commerce channels, then international brands can use e -commerce channels to develop the low -line market at a low cost. After the international brands were initially cautious to avoid damage to the brand image, they were cautious. After watching and seeing, the e -commerce layout has been accelerated. In 2017, Estee Lauder’s online revenue accounted for 7%, of which online sales in China increased by nearly 100%year -on -year. %, And said that its online investment exceeds the offline investment.

国内化妆品行业的屹立、颠覆与新生

Take Tmall as an example. In 2018, nearly 2,000 beauty brands came to Tmall to open a store, including the LVMH Group Beauty Brand Givenchy (the flagship store opened 11.5 hours of sales to break the opening of Tmall beauty new store), L’Oreala The group’s luxury beauty brand YSL (the first Tmall Super brand has exceeded 30 million yuan in less than half a day). In addition to the French, Japan and South Korea brands, it also covers the cosmetics brands in 27 countries including Ireland, Australia, Germany, etc. Essence

In addition to brand vendors, the rise of e -commerce channels has also spawned a number of operators (or e -commerce service providers) engaged in a number of online distribution and marketing services such as cosmetics brand online distribution and marketing services. Methods are profitable, such as Hangzhou Youke, Li Renli Makeup, Netchuan Technology and so on.

Today, with the relative advantage of the online traffic of the traditional e -commerce platform, the relative advantage of the relative advantage of the online traffic has gradually narrowed, and the social e -commerce model with accurate concentration of targets through content marketing accurately gather target users, shares greatly enhance user stickiness, and drives social e -commerce models through social relations. In the process of increased the penetration rate, a group of new cosmetics brands (such as relying on personal IP’s beauty niche brands, etc.) brought the opportunity to absorb customer base absorption. Cosmetics fit more naturally.

3.2 layered franchise store/CS channel

As a relatively stable type in offline channels, specialized stores/CS channels have also become one of the focus of various brands. Under the localization of local brands to increase the profit margin of channel vendors to occupy the localization of the market, the impact of more stubborn international brands in the cosmetics franchise stores has weakened. International giants such as Shiseido and Johnson & Johnson have accelerated the pursuit of the channel, especially the corresponding stores corresponding to the specialty stores of the Volkswagen Line brands.

In China, there are both Watsons, Wanning, Sephora and other foreign -owned foreign -funded specialized stores, as well as local retailers such as Guerlans and Tang Sancai to quickly expand in the franchise model. The characteristics of low, fast replication speed, and strong sinking ability. In the third and fourth -tier cities and below areas, it was once the mainstream channels for buying cosmetics offline, and they were favored by local brands with the positioning of target groups.

国内化妆品行业的屹立、颠覆与新生

Some people in the industry once pointed out that the cosmetics franchise stores can be divided into two layered positioning: one is a popular cosmetics store with the standard of Watsons (50-120 yuan) and Wanning (customer unit price 80-150 yuan). Duan and low -end brands are mainly to provide consumers with convenient, rich, and low -cost shopping experiences. As a representative, Watsons is represented by standardized stores nationwide. The number of stores accounted for about 56.31%and 43.69%, respectively; the other is a high-end cosmetics store with a benchmark Sirfran (a customer unit price of 600-800 yuan). The shopping center provides consumers with professional, distinguished, and high -quality shopping experience for consumers. Professional and experienced advantages are their more valued weapons. Although the number of stores is far from the former, due to the advanced store operation strategy, its pioneer is in their pings. Indexes such as effects and single -store revenue are often far ahead.

Obviously, the sales performance of the above two specialty stores in China has appeared in China. Since 2012, Watsons’ revenue growth in China has decreased sharply and fell all the way to negative growth in the subsequent year. The revenue speed is 4%. The main reason is that the revenue of single stores for many years decreased. In 2017, single store revenue was 4.92 million yuan/home, which was less than half of 2011. The weakness of single store sales led to continue to open a new store (2017 store stores in 2017 (2017 store store The number is 3339, and it has reached 3,430 at the end of 2018). It is also impossible to save the overall revenue performance. Similarly, the local Jailan Beauty also faces the continuous decline in the revenue of a single store. By 2017, the revenue of a single store has fallen to 690,000 yuan/home; And Sephora’s revenue in China has always maintained a positive growth, and has decreased due to the slowdown in the growth rate of stores. Except for the increase in the revenue rate of single stores since 2011, the store performance has been stable. The year -on -year increase of 8%, the number of stores increased by 5%(the number of stores in 2017 was 210, and 230 at the end of 2018), single store revenue increased by 2.86%, and single store revenue was as high as 166.9 billion yuan.

国内化妆品行业的屹立、颠覆与新生

The gap between the two layered positioning explains that under factors such as fluctuations in domestic retail environment, increasing channel competition, and rising expenses, there are always specialized stores that have underwrom downward and rebound in the trend. It was once a representative company and Watson of the offline cosmetics shop. Even if there is a sinking market space in low -line cities as a support, simply use “promotional activities” as its core personnel configuration and inventory turnover. Similar, impetuous, and extensive short -eye operations can no longer make it in the extremely high amount of information. Consumers who accelerate upgrading continue to buy, it is difficult to improve the rate of entry, return rate and continuous width, and specialized stores from the store image, display layout, category brand structure, shopping experience and digital transformation. Core power of ability.

3.3 Accelerated single -brand store channel

The world’s first cosmetic single -brand store was opened in Europe in 1976. It was later fully promoted by the promotion of Korean brands such as Mystery, Iti House, The Face Shop, and Yue Shi Fengyin. Although a single brand store cannot be said to be a retail channel that is in line with the law of cost efficiency, it is a kind of strong experience retail channel that is recognized to impress consumers. force. The single brand store tailor -made for a certain brand locks a personalized consumer group that resonates with the brand’s tone at the beginning. On the basis of this The land selection, image appearance, product structure, price interval, service method, and sales style design around the brand values, produce the most impactful brand output, and cultivate a group of high -stick membership customers. In the same space, compete with similar brands; single -brand stores are similar to “factory stores”, with few SKUs and uniform supply. After shortening the supply chain link, they can respond quickly, and quickly adjust the feedback around consumer needs to form a closed loop of organic circulation. According to the data of Miste Skin, a new three -board company in the cosmetics single brand chain industry, in its 2017 report, the sales scale of single brand channels has been above 30%for many years.

At present, the representatives of overseas brands in the domestic single brand stores include Yue Shi Feng Yin and L’Occitaneto. They also mainly occupy high -end shopping centers such as high -end cities. Take L’Occitane as an example. Bright yellow tone and Provence vanilla are their deepest memory points , Combined with natural organic and environmentally friendly commodity characteristics, and give people a sense of relief, as of fiscal 2018, the number of self -operated single brand stores in mainland China in 2018 has also increased by 14%year -on -year to 159 million euros. The local single -brand store, originally started in Herborist to imitate The Body Shop in 1998. There are still more than 100 stores now; in Around 2010, single brand stores of domestic popular brands emerged, including plant doctors, Fan Wenhua, Tingmei Cottage (Jiaolan Beauty owner owned by the Beauty Beauty. ), Lin Qingxuan, Misi Skin, etc. are developed purely by single brand stores, most of them are community stores in third- and fourth -tier cities, but there are also types of Lin Qingxuan and other core cities across the country. For the past year, Perlaya, Kaishilan, Yiyi and other cosmetics companies or brands with certain scale and word of mouth have also begun to explore single brand store operations outside other channels. Taking Perrya as an example, while trying to build Yuefu 媞 single brand stores, The company has pushed the brand store in 2017 to focus on the “healthy stores of health and beauty” covering beauty and big health categories. It has more than 400 single products of 11 major categories. The year -on -year growth rate is interpreted as the growth of online and single -brand store operating income, which shows the development of its single brand stores.

4

国内化妆品行业的屹立、颠覆与新生

Marketing path:

Costing the tendency of fragmented and personalized communication

Cosmetics consumption usually starts with attempts and imitation. Consumers are catalyzed from the beginning of attention to decision to buy. Therefore, both cosmetics companies and channel terminals attach great importance to marketing in cosmetics operations. By calculating the marketing expense rate of domestic and foreign cosmetics companies, it can be found that the marketing expense ratio of Estee Lauder, L’Oreal, Shiseido, Shanghai Jiahua, and Perleya is all over 20%, and they are heavy customers in advertising and promotion. Compared with the release of promotional information such as early rebates, full gifts, and discounts, marketing pays more attention to the continuous shaping of brand value. In the long run, it is the process of adding to brand value, and the promotion method is just the opposite. With the development of mobile Internet development and social media visualization, traditional marketing carriers such as television channels, newspapers and magazines, and outdoor advertising have gradually been divided into considerable markets by emerging marketing media such as Weibo, community, public account, self -media, short videos, and live broadcasts. Take Weibo as an example. In 2018, interested users in Weibo increased by 33%year -on -year to 160 million, with more than 91 million blogging volume, and the interaction was as high as 1.24 billion. The flow entrance is gradually digitized and fragmented, and the consumer’s personality is more prominent and preferences. It puts forward new requirements for the brand marketing ideas of cosmetics.

4.1 Fans are the Tao, celebrities endorses both

Idols and love bean culture are becoming increasingly popular. Stars have become the best transformation intermediaries for consumers to contact and buy cosmetics. Through star endorsements, variety shows, and film and television implants, consumers will form a deep impression and desire to buy corresponding cosmetics; Natural topic manufacturing machines, brand parties can ferment brand influence and create topics through promotion activities such as official interaction, star sharing, and offline conferences on social platforms. In the fan economy, fans have become loyal fans of Cosmetics and Udi, and spontaneously complete the proliferation and exposure of the brand for the brand. Cosmetics are purchased in large quantities to pursue the same model or even give away promotion among strangers. Therefore, under the general trend of the fan economy, cosmetics brands can adapt to the mainstay of consumer consumer by signing stars to endorse or publicize the way of bringing goods.

In particular, aware that the popular male star has a greater appeal to the female audience (male star fans account for more than 80%, and the popularity is even more than 90%. Female fans’ 80-90%), recently, the phenomenon of male star endorsement cosmetics brands has gradually prevailed. Around 2017, foreign-funded and local cosmetics brands have begun to use male stars with traffic advantages as brand spokespersons (such as Chen Weiting-Meibian, Merbolia, Luhan-L’Occitane, Cai Xukun-L’Oreal, etc.), this trend is still continuing.

4.2 Community grass, KOL evaluation to create explosive models

The emergence of social media, while enriching people’s fragmented entertainment time, has achieved the effect of achieving high sharing rates through high click -through rates, which has enlarged the radiation range of personal behavior hundreds of times and thousands of times. Influence. Cosmetics KOL can be an Internet celebrity, professional makeup artist, celebrities, and they are on short video platforms such as Weibo and Xiaohongshu and other community sharing platforms, BROs and other video platforms, Douyin and other short video platforms, as well as on the live broadcast platform. , Cosmetics evaluation (empty bottle recommendation or lightning reminder), shopping and unpacking, and other content sharing. Through the infectious power, the establishment of a strong connection with consumers, exerting the influence in different circles, allowing consumers to recommend “grass”. Due to the low interest of some part -time bloggers and UP owners, the actual experience is more authentic, and it can bring consumers’ trust in consumer decision -making. However, in fact, a large part of KOL is behind the company’s team operation. Because of the large image of browsing or playback, the cost of buying data such as data is quite high, which also causes regular losses of such enterprises.

On the one hand, the cosmetics KOL’s porting points make cosmetics companies (both brands and terminal retailers such as Sephora) pay special attention to KOL marketing. A large number of marketing expenses are put on the Internet celebrity and the bottom KOL to bring sales dividends. Will actively mail new products to KOL for evaluation and promotion. Among them, the emerging brand and niche brand obviously rely on the effects of personalized KOL marketing; on the other hand, many heads KOL will also actively conduct traffic conversion and traffic conversion and traffic conversion and flow. Metapacity, incubation of personal independent brands, such as Zhang Mofan’s founding brand MO AMOUR sales in 2011 reached 5 million yuan, and in 2017, its skin care products and makeup brands had a total sales of 150 million yuan.

国内化妆品行业的屹立、颠覆与新生

4.3 Cross -border linkage, IP injection brings high heat

In 2018, the popularity of cross -border marketing is popular, especially in the cosmetics industry with strong psychological and spiritual consumption satisfaction, new and old cosmetics companies have temporarily put on the inherent settings in the past, and the sense of freshness and resonance catering to increasingly and more and more. Consumers who are “happy new and hate the old” but never lack of feelings, and the fast -moving consumer brands in beverages, food and other fields, and many cultural IPs are also optimistic about the high heat and high eye in the cosmetics market, using cosmetics, especially makeup products as the direction of the breakout. In September, the Big White Rabbit of Meijiahe and Guanshengyuan, a subsidiary of Shanghai Jiajiahua, to launch the “Big White Rabbit Lip Balm”. It was snatched in one second, and it was sold out instantly after emergency replenishment. “Natural Wang” air cushion foundation and local mask, the shape completely restores Wangwang Snow Cake, and sold out 28 minutes after the sale of 20,000 parts of the air cushion. There are independent cross -border perfumes and makeup trays such as Luzhou Laojiao, Nutrition Express, and ZARA. Of course, the Chinese style IP represented by the Forbidden City and the National Museum and the game IP represented by the glory of the king also participated. The limited lipstick box of L’Oreal and Guobo in Paris (although consumer feedback was discontinued due to consumer feedback), king glory The joint lipsticks with Mac have been sought after by consumers, bringing a large -scale sensation effect.

5

Production R & D:

Research and development capabilities and production cycle build stability

In the entire cosmetics industry chain, if the category and brand decision -making determines the direction and positioning of the market, the sales channel and marketing level determine the sales and popularity of a stage. The key factors such as length, whether the product quality is stable, and whether the quality control is strict determines whether cosmetics companies can have the ability to renew the product and output brand stably, and determine whether the quality effect of its cosmetics can support it for many years and steadily move forward steadily. Old -fashioned enterprises.

At this stage, the branding and rapid hotspot conversion of the cosmetics market products means that for the production and development links of the upstream of cosmetics, the cultivation of its relative advantages will come from the following aspects: First, pay more attention to research and development and creative capabilities, integrate research research , R & D and production are one, not only the optimization and safety monitoring of the formula, but also have the ability to research and apply basic component research and application; the second is to build a flexible supply chain with a short production cycle and fast update speed. The timeliness of new products, at the same time provides more in place communication and personalized products and services, quickly adjust the product solution according to the front -end feedback.

Specifically, in the development of cosmetics, international cosmetics giants usually distribute more than a dozen R & D centers or technical laboratories in major markets around the world. They have thousands of R & D personnel to conduct basic component research and development, formula application research and development, product testing, and packaging design. On the basis of the huge amount of revenue, these enterprises have consumed a lot of funds for R & D expenses, and the research and development cost rate is basically distributed at 2%to 3.5%. To continuously adapt to the change of the market and realize the secret weapons of the long -term foundation; although the cost ratio of domestic cosmetics companies is not large from foreign leading enterprises, due to the difference in income volume, the actual investment amount is far less, and the research and development capabilities are far less. Relatively weak has also become one of the important reasons for local companies to do not have the law in the high -end market.

国内化妆品行业的屹立、颠覆与新生

In the cosmetics production session, most brands of products adopt the commissioned production (ie, the foundry) model, and a few strong enterprises to build their own factories to achieve production lines themselves. Wait, but also have higher requirements for production capacity and technology. The main form of foundry is undoubtedly two types of OEM and ODM. , Packaging OEM and other more complete production links, and then sold them for sales. At present, there are a large number of domestic and foreign cosmetics manufacturers. The best producers in the world are in Europe and South Korea. The internationally renowned ones are COSMAX, Kolmar Korea, Intercos, etc. In 2017, the scale of revenue was more than 5 billion yuan. There are about 5,000 companies, of which only about 40%of ODM capabilities. Most manufacturers are distributed in Guangzhou, Guangdong Province. The largest domestic in China is Nobel (2017 revenue of 1.546 billion yuan, 2018 from the New Third Board delisting It is intended to be acquired by Qingsong. In addition, there are many manufacturers of large -scale manufacturers such as Dongfang, pregnant infants, and Bavi shares listed on the New Third Board. In addition, foreign manufacturers are also keen to build factories in China. At present, compared with the brand side and channel side, the profitability of the production link of cosmetics foundry is relatively poor. ; The gross profit margin of smaller cosmetics manufacturers in China is about 25%-40%, and the net interest rate is about 5%-10%.

The widely used foundry model also provides upstream opportunities for the rise of local brands, emerging brands and even cross -border brands. First of all, a large number of foundries with mature technology, stable quality, strict quality control, and cost -effectiveness can provide brand merchants with provision Technology, efficacy and even the help of planning plans, and foundry companies and many R & D institutions, raw materials, and bagged materials have a good cooperative relationship, which can solve practical problems for the brand in terms of product development and production; The willingness is also very strong. Some foundry companies have even begun to provide OBM services to the brand, that is, adding packaging design, publicity planning plan output, efficacy monitoring, and other value -added services on the basis of ODM. Of course, too depending on the production and development of upstream enterprises to operate brands, it is generally only suitable for the development needs of the initial brand. If the brand wants to do long -term development, it still needs to move closer to the traditional model with certain independent research and development power, quality control and even productivity.

国内化妆品行业的屹立、颠覆与新生

All in all, cosmetics are a distinctive consumer product category. The consumer attributes associated with beautiful beauty have naturally produced more tenacious vitality and excellent explosive power; in our country, in the long run, a round of cosmetics consumption cycle is being opened. Regardless of whether you are younger, cross -gender, and omni -channel people, or the potential of the unit price increase, it confirms that the cosmetic market has the possibility of prosperity. On the one hand, from the perspective of the development experience of international cosmetics giants, the four dimensions of the cosmetics industry chain, that is, brand categories, channels, marketing, and production research and development. For companies that want to stand in the market and control the market, there must be no shortcomings. In the above -mentioned dimension layout, there are two types of internal and extension. It has become a usual method for international cosmetics giants to grasp innovative operations and integrate mergers and acquisitions. Cosmetics heading enterprises with strong vitality and complete industrial layout and investment M & A activities that are out of the rich product matrix, laid emerging channels, expand marketing methods, and consolidate the purpose of production and development purposes are worthy of our attention; on the other hand, consumers upstream and downstream of cosmetics are consumers upstream and downstream consumers For the core, the hot spot, close to the ecology, eye -catching, and even brutal growth are derived. Some of them have the opportunity to tear open the original pattern and create long -term demand. Become a focus.

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