Status of The Cosmetics Industry (SWOT Analysis)
- S (strengths):
Cosmetics are daily necessities, have a wide range of consumer groups, and have a large and stable user market. With the personalized needs of consumers, more and more types of products, the cosmetics industry is thriving. Lian Ming, secretary of the board of directors of Marumi, said: The growth trend of the entire industry is very obvious. There are more and more people using cosmetics in China, and the categories of cosmetics used by people who have already used cosmetics will also increase.
In addition, with the development of e-commerce and the improvement of express delivery services, consumer demand and purchase channels for cosmetics will become increasingly diversified, and the cosmetics industry will no longer be subject to geographical restrictions.
- W (weaknesses):
For the cosmetics industry, the disadvantages are mainly manifested in three aspects: first, the market size forecast is simple, and there is no hidden market; second, the supervision is insufficient, and there are still hidden product risks in the market. However, with the implementation of the new "Regulations on Supervision and Administration of Cosmetics", the future management and supervision of China's cosmetics industry will be more reasonable and complete, effectively guaranteeing product safety and the stability of its efficacy; third, although online shopping enriches consumers The way to buy it has got rid of regional restrictions, but part of the packaging of cosmetics is not easy to transport, which virtually increases the cost.
- O (opportunities):
The cosmetics market is still in a stage of steady growth, maintaining sustained and stable growth. According to statistics, the cumulative total retail sales of cosmetics products in 2019 reached 299.22 billion yuan, a year-on-year increase higher than the average growth rate of social consumer goods, which fully demonstrated the considerable development prospects of the cosmetics market.
In addition, due to the strong flow of Internet mobile terminals, driven by social e-commerce, social APP fission spread and live broadcast economy, the online cosmetics market is growing day by day, providing a rapid development channel for the development of the industry.
- T (threats):
(1) Foreign products enter the local market: The local cosmetics market has a bright future, and more and more foreign brands enter the local market. According to statistics, in 2020, consumer cosmetics are mainly from foreign brands, and the high-end cosmetics market is almost monopolized by international brands.
(2) Traditional and old domestic products are also on the rise: local cosmetics companies are also on the rise, increasing R&D efforts on products, actively adjusting marketing and brand strategies in marketing channels, gradually reforming and expanding, and increasing the market share of cosmetics.
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