"Consumption polarization should persist, with the mass segment outpacing premium cosmetics, indicating consumer preference towards affordable and value-for-money cosmetics," wrote Bernstein's Melinda Hu.
Segment-wise, color cosmetics is projected to grow at 9.3 percent, faster than skin care's 7.7 percent, according to Bernstein.
According to Qingyan Company, a Chinese beauty research firm, sales of C-beauty brands rose 21.2 percent year-on-year in 2023 to comprise 50.4 percent of the Chinese cosmetics market, overtaking foreign brands for the first time.
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