Chinese cosmetics are gaining momentum in overseas markets thanks to the growing cachet and volume of homegrown products, China Daily reported Thursday.
Citing data from the General Administration of Customs, the newspaper said that China exported 3.14 billion U.S. dollars worth of cosmetics in the first three quarters of 2020, exceeding the export value of both 2018 and 2019, which was 2.5 billion U.S. dollars and 2.77 billion U.S. dollars, respectively.
According to a report released by research firm CBNData and Alibaba's Tmall, Chinese cosmetics sold on Tmall's international platform surged over 10 fold year on year during the 2020 Double Eleven shopping spree in November.
"International consumers are now showing a growing interest in traditional Chinese culture, and Chinese cosmetics brands are set to leverage these interests," the newspaper quoted Wu Daiqi, CEO of Shenzhen-based Keythink Culture Communication Co., Ltd., as saying.
In addition to cultural factors, China's homegrown cosmetics brands have formed relatively mature industrial chains and cultivated an increasing number of sector professionals, Wu said.
Among exported cosmetics, lipstick, eye shadow and blush were the bestsellers, while mascara and facial powder showed great sales potential, said a report released by Shenzhen-based research firm AskCI Consulting.
"The development of China's cross-border e-commerce and logistics sectors, as well as the fact that China has recovered relatively quickly from the COVID-19 pandemic, also put domestic cosmetics brands in an advantageous position in the global market," Wu said.
