As much of the world continues to grapple with the effects of the COVID-19 pandemic, China has managed to quickly bounce back to a growth trajectory.
By the end of 2020, spending on fast-moving consumer goods in the region recovered spectacularly, with the second half of the year fully offsetting the negative impacts that COVID-19 had in the early months of 2020. China often counterbalanced record low annual results for multinational cosmetics groups. L’Oréal, for example, reported a sales rise in Asia of +1.5% for 2020, compared with declines of 9.2% and 8.8% in Western Europe and North America, respectively. Estimated at $55B in 2020 at the retail level and on a steady growth path, the Chinese beauty market continues to be highly attractive. Continue reading