In my last post: LUXURY 360 - THE FUN OF BEAUTY PART 1, I showcased the "fun-ness" of Chanel's Color Creativity video and the reasons luxury brands are instilling more creativity into beauty from a branding and sales perspective.
Today I want to share a really interesting except from the L2 Think Tank Digital IQ Index supplement, "Beauty in China" to further illustrate the reason beauty is a key focus and growth area for luxury brands:
- Young women in China currently spend 10-15% of annual income on beauty products
- Trading up; the prestige beauty segment is outpacing the mass category in terms of growth
- China is the largest online beauty market in the world with 17% of beauty bought online (compared to 4-6% in 'mature' markets)
What trends are you seeing in the luxury beauty market?