Prestige beauty sales soared in China in the first quarter of 2022.
“China could continue to see prestige makeup sales decline in April and May due to the current lockdowns in some major cities, including Shanghai, the country’s leading manufacturing center,” said Stanley Kee, senior vice president and managing director of APAC and The NPD Group.With COVID-19 cases running rampant in China and much of the country’s population under lockdown, many stakeholders are worried about the situation’s potential impact on the global economy. by as much as 12.
Similarly, Kee predicts beauty sales will abound come June, when China’s 618 Shopping Festival takes place, anticipating the government will release “new, favorable policies to boost consumption.”
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