THE WHAT? Chinese cosmetic sales are said to be bouncing back following the loosening of lockdown restrictions amid the coronavirus pandemic, according to a report by Yahoo News.
THE DETAILS A recent report by investment bank Jeffries highlighted that March cosmetic sales reported a 20 percent decline, as opposed to a hefty 60-80 percent in February when social distancing enforcements were at their peak.
With restrictions easing, Chinese consumers are gradually being let out of their homes, with some retailers being given the green light to reopen.
THE WHY? The easing sales decline was also attributed to retailers adapting to the new lockdown rules and increasing their online sales offering.
Chinese cosmetics company Lin Qingxuan reported a YOY growth of 120 percent in February, following a fall of 90 percent over the Lunar New Year. Founder Sun Laichun attributed this growth to a change in business strategy focusing on digital sales, with e-commerce purchases increasing five-fold between 1st-8th March, the International Women’s Day shopping period.
Shanghai-based e-commerce data provider ECdataway also highlighted that cosmetics fared the best during the Tmall International Women’s Day promotional period, with sales of cosmetics and skin care rising 89.5 percent.