Affluent Chinese set new standards in luxury beauty

Data snapshot Recent findings from an Altiant survey conducted earlier this month offer a revealing look at the evolving beauty and personal care habits of affluent and high-net-worth individuals (HNWIs) across China, the US, France, and the UK. The survey indicates that 88% of respondents have purchased luxury fragrances in the past year, with Chinese consumers demonstrating particularly high engagement in luxury facial care – 90% of affluent Chinese respondents reported buying luxury facial care products, significantly outpacing other regions. This data reflects shifts in the beauty sector, where priorities are increasingly shaped by a preference for premium ingredients, advanced formulations, and a growing interest in natural and organic products. Analysis The luxury beauty market is undergoing significant transformation, especially in China, where affluent consumers are driving new trends with their distinct preferences. The data shows that Chinese HNWIs are more inclined to invest in high-end facial care and anti-aging products, underscoring a broader shift towards personalized and health-oriented beauty solutions. This trend is fueled by a cultural emphasis on youthful appearance and well-being, which continues to drive demand for products that promise advanced results and incorporate the latest technological innovations. While the Chinese market leads in facial care, the global affluent population also exhibits a strong preference for luxury fragrances, with 88% purchasing at least one in the past year. This trend is especially pronounced in China, where consumers spend more on luxury fragrances than their Western counterparts. The importance placed on premium ingredients and advanced formulas reflects a consumer base that is both knowledgeable and discerning, willing to invest in products that offer both quality and status. The survey further highlights the continued importance of department stores in the luxury beauty purchasing process. In China, 75% of respondents reported buying luxury beauty products from department stores, compared to just 45% in France. This indicates a sustained fondness for the in-store shopping experience, where consumers can interact with products directly and receive personalized service. However, online platforms are gaining traction, particularly in the US, where 68% of affluent consumers purchase luxury cosmetics through brand websites. The Jing Daily Data Snapshot presents a swift take and analysis on the latest data from the leading research firms in the Chinese luxury and lifestyle markets.

Affluent Chinese set new standards in luxury beauty

On this page

Published September 27, 2024

Sectors

Insights

Company

Affluent Chinese set new standards in luxury beauty