On February 12 millions of people celebrate the Lunar New Year and inaugurate the Year of the Ox, especially in the Far East and in Southeast Asia. 

Of the 12 animals in the Chinese zodiac, the ox represents physical strength and willingness to work, as well as resilience and a gentle spirit. Being hardheaded, the ox is not deterred by adversity but chooses to react and obstinately pursue its own course: an image that aptly summarizes the way key Asian markets responded to the economic hardship of the pandemic.

According to the yearly report by McKinsey & Company, China is leading the global economic recovery. The beauty industry is showing a greater propensity toward recovery than other sectors (e.g., fashion) and is expected to grow by 8 to 10% in 2021 (compared to 2019). 

Over the coming weeks the Lunar New Year will provide the sector with additional relief. In fact, while the most sought-after products during previous celebrations were food and clothing, recent market studies show that social distancing, being required to stay home and the stress of the pandemic have shifted preferences toward products related to well-being. The sale of beauty products during the festivities has grown by 124% year after year. More specifically, the sale of beauty devices has grown by 81%. Men's cosmetics is another segment that has improved consistently with sales up by 26% year after year.

But the attention-grabbing segment is increasingly cosmetics made in China. Over the course of Chinese companies in 2020 have taken a leading position on the market: no longer synonymous with low-quality products, but promoters of research and innovation. Companies updated their offers and their communication and distribution strategies to focus on the local market, riding the strong sense of national and cultural unity produced by the pandemic to present their vision for the China of tomorrow.  

To help us understand how the Chinese market has evolved, BolognaFiere China, which is a company in the BolognaFiere group based in Shanghai, has selected some of the new proposals from local companies on the occasion of the Lunar New Year, to wish happiness, fortune, and prosperity to the Cosmoprof Worldwide Bologna community.

Xin Nian Kuai Le!