The report is the second edition of the ‘World Luxury Index’ to be carried out in the last year and reveals Chinese consumer interest in the luxury market to be dominated by heavyweights like the beauty sector, which came second only to the motor industry, with 22.70 per cent of the market share.
Estée Lauder, Lancôme and Dior were also found to have retained their spots as the three most desired beauty brands in the Chinese market - with Lancôme overtaking Dior as number two.
"Skincare accounts for almost 60 per cent of all beauty searches. American beauty brands Estée Lauder and Clinique are popular with skincare products, whilst European brands Dior and Chanel are more popular for fragrance."
Lancôme’s demand is reported as evenly distributed across the three main segments; skincare, fragrance and makeup while the most popular beauty products were found to be Clinique’s 'dramatically different moisturizing gel' and Benefit’s 'dr. feelgood makeup primer'.
According to Pablo Mauron, China GM at Digital Luxury Group; “Brands expected that an increase in Chinese sophistication would reduce the cultural gap with their overseas consumers, but in some cases, it actually contributed to the development of unique local preferences, independent from Western tastes, thus challenging luxury brands in terms of product offering but also opening up the way for new opportunities to grow in the Chinese market."
Chanel also came out on top in previous index
Chanel also fared well in DLG's previous index of the Brazilian market back in May, whereby the luxury giant ranked in 8th place in an analysis of 400 companies across the fashion, beauty, jewelery, car, watch and hospitality segments.
Then, the market researcher reported perfumes and make-up to be driving the sector due to Brazilian consumers becoming more sophisticated, educated and keen to follow trends, whilst also evolving into the constant traveler meaning they are becoming the main customer in several luxury markets worldwide.