标签归档 上海贵族宝贝交流

Judging from the new products, especially skin care products, launched by major brands at the beginning of the year, they focus on the efficacy types of "early C and late A", and there is no lack of the trend of clustering online celebrity concepts and ingredients to homogenize the production capacity.

On the one hand, it is difficult to put the new regulations on record; On the one hand, big-name beauty has opened a new racing competition.

According to the incomplete statistics of the reporter of Cosmetics Finance Online, in 2022, more than 30 brands have launched more than 50 new products, expecting to usher in a "good start".

Among these brands that have launched new products, there are not only international brands such as Estee Lauder, Lancome, Saint Laurent, Frestech and Guerlain, but also well-known domestic brands such as Nature Hall, Proya, Marie Daijia, herborist and Yiyi Herbal Medicine, as well as popular new brands such as Ximuyuan, Winona, Runbaiyan, Kuadi and Yiben.

What kind of "masterpieces" will different brands launch to capture the market? From these new products, what beauty products trends can we see and what pain points can we find?

01

The average price is close to 600 yuan per bottle.

The essence is still a gold mine.

Among the more than 30 new skin care products incompletely counted by the reporter of Cosmetic Finance Online, the products of "essence" and "essence" are still the focus of new products promoted by major brands, and 12 brands including Estee Lauder, herborist, la roche-posay and innisfree have launched this type of new products.

From the main efficacy, most of these new essences are mainly whitening and repairing, which is the same as the efficacy advocated by the concept of "early C and late A" that exploded in 2021. That is to say, the main products are VC and VA (including A aldehyde, A alcohol and A fat), which can effectively whiten and resist oxidation, and have the effects of anti-aging and repair.

△

In addition, in these new essences, in addition to the necessary components VC and VA and their derivatives, other components are mostly plant extracts, such as orchids, myrtle, Zhenye cherry seeds, Erigeron, sea lilies, Bai Lianhua, mirabilis jalapa, etc., and more attention is paid to green, moisturizing and moisturizing. Obviously, brands want to enter the consumer market in a green, healthy, efficient and safe way.

In terms of price, the average price of the new essence is 585 yuan/bottle. Among them, the prices of foreign brands such as Estee Lauder, Chanel and Ya Dun are close to 1,000 yuan, which is significantly higher than that of domestic brands, about twice as much.

Some insiders pointed out that nowadays, with the increasing demand of consumers for cosmetics, more efficient, more research and development strength, but also more expensive essence quickly occupied the minds of consumers. "For consumers, the higher the efficacy, the more popular it is; For brands, the higher the price, the more objective the profit, so it is not difficult to understand why cosmetics brands get together to launch elite products. "

02

Star products are upgraded again

"Classic single product" is a strategic consensus.

The continuous upgrading of star items is also a common "innovation" strategy for brands.

Among the new products launched in 2022, Runbaiyan, Estee Lauder, YSL Saint Laurent Beauty Cosmetics, and Book by Book are all upgraded in formula or packaging around star items, so as to meet the needs of consumers and expand the market with newer and more comprehensive values.

On the one hand, in the rapidly changing consumer market, various products emerge one after another, and the life cycle of products is getting shorter and shorter. It is not easy to create an enduring and attractive product. Once the same or similar products appear, the competitiveness of the original products will be greatly weakened. Therefore, we should explore from the aspects of product function, experience and personalization to create a moat of products.

On the other hand, the consumer demand is constantly changing, and products should be adjusted around the consumer demand in time to keep up with the pace of consumers. Even star items should enhance their product value and meet the needs of users so as not to be eliminated by users. In addition, the upgrade of classic items will not only help the brand to consolidate existing consumers, but also enable the brand to touch potential consumers in the promotion of new products and new functions.

03

"Box Set" is popular again.

Behind it is the change of new channels.

In parallel with the strategy of "big single product", the combination of "water, milk and frost" which prevailed in CS channel ten years ago has returned to the stage, but the beneficiaries of this channel have become Tik Tok, Aauto Quicker and major broadcast rooms.

This year, OLAY, Decker, Infusa, Yilian and other brands launched new products in the form of "water+milk" or "water+milk+cream".

Behind this is the change brought by brand layout new channels and catering to the sinking market.

With the rise of live broadcast e-commerce companies such as Tik Tok and Aauto Quicker, cosmetic box sets have ushered in the second spring on these live broadcast platforms. According to several live broadcast data of Tik Tok and Aauto Quicker’s Talent, the number of sets of boxes sold is considerable.

Take Tik Tok as an example, the series of gift boxes of "Afterglow Danhua", "Snow Flower Show", "Oushiman Pearl White Gift Box", "Polaiya" four-piece set of "Tightening Skin and Tightening Muscle" and "Kanshubo" with high uric acid and moisturizing face are all selling well here. The main groups of consumers are also concentrated in the sinking markets of third-and fourth-tier cities and people aged 25-35.

04

The core components of sunscreen remain unchanged.

But the formula pays more attention to caring skin and nourishing skin.

In addition to essence and box, sunscreen is a skin care product that consumers focus on in spring. In this year, Nature Hall, Gaozi, Anjesha, and Deke launched new sunscreen products. Although the core components of the four sunscreens have not changed significantly, they all tend to be skin-friendly and nourishing in formula.

With the gradual enhancement of consumers’ awareness of sun protection and more professional functional demands, in recent years, the development of sun protection products has shown some development keywords such as "skin care", "anti-aging" and "multi-effect". Among them, skin-care sunscreen with both sun protection and skin care functions is gradually favored by consumers.

05

Lipstick comes out quickly.

Silk and water are two selling points.

Even under the influence of the epidemic, many brands said that lipstick sales showed a downward trend, but in 2022, the battle of new cosmetics had to look at "lipstick" first.

Among the 16 new make-up products counted by the reporter of Cosmetics Finance Online (except for the New Year’s limit), "lipstick" is the new keyword, and nearly half of the brands have introduced lipstick, followed by foundation/air cushion/isolation, followed by eyeliner and lipstick.

In the new lipstick, there are many colors and diverse textures, and softness and moisture are two outstanding characteristics respectively.

06

High-end brands continue to create "spire" makeup;

More expensive price, more skin-nourishing ingredients.

When makeup is becoming a common beauty product for a new generation of consumers, it is more like a skin care product for many consumers, which is different from high-frequency cosmetics such as lipstick. A good makeup product for a make-up brand is just like a good essence for a skin care brand. It is a "spire" product that can occupy consumers’ minds, thus driving the joint purchase of other products.

It is worth noting that among the new foundations launched by major brands this time, Lancome foundation cream costs 1050 yuan/bottle, which exceeds the price of most liquid foundations. "One bottle of powder cream, half bottle of essence", this product combines foundation and essence cream, and is suitable for before liquid foundation, which makes makeup tend to skin care and skin care.

07

Cold thinking:

When online celebrity’s concepts and components get together,

Is the new product really "new"?

Judging from the new products launched by major brands at the beginning of the year, especially skin care products, they focus on the efficacy types of "early C and late A", and there is no lack of suspicion that online celebrity’s concepts and ingredients are clustered together and the production capacity is homogenized. Is this new product really "new" for consumers?

In today’s diverse skin care market, there is a need for many types of new products. Only by studying consumer demand and producing more diversified products that meet the real needs of consumers can brands gain more voice in the fierce market competition.

Beauty cosmetics grow in differentiation and gain momentum in evolution: summary and prospect of 2021 annual report and 2022 first quarterly report

In 2021, A-share brand beauty enterprises showed high growth and strong consumption resilience as a whole; In 2022Q1, under the influence of local epidemic, the growth and profitability of various companies intensified and differentiated, and Betani/Huaxi/Polaiya performed significantly better than the industry. Looking forward to the whole year of 2022, it is expected that research and development will enhance the product strength, and large single products will consolidate the moat; Digging deep into the channel stock and actively grasping the increment are the common efforts of the industry. Huaxi Bio, Polaiya, Betani, Kos and Jiaheng Jahwa are mainly recommended.

▍ In 2021, six A-share brand beauty companies:

The operating income all achieved positive growth, with the total operating income of+33.1% year-on-year, and the growth rate of Huaxi biological functional skin care products ranked first, with+146.6%, showing high growth and strong consumption resilience as a whole; The total attributable net profit was+8.8% year-on-year, and Bettini’s growth rate was the highest, at+58.8%; The gross profit rate is 58.7% ~ 79.0%, and the gross profit rate of Zhonghua Xi biological skin care products ranks first; The overall sales expense rate is on the rise, among which the promotion expense accounts for the largest proportion in the expense breakdown, and the promotion expense rates of Huaxi/Polaiya/Betani are 36.3%/36.1%/31.1% respectively; The R&D expense ratio is 1.7% ~ 5.7%, and Huaxi’s R&D expense ratio far exceeds the industry average. The net interest rates of Betaine/Huaxi (overall)/Marumi/Polaiya are 21.5%/15.7%/13.5%/12.0% respectively. 2022Q1: The income, profit growth rate and profitability differentiation of brand companies have increased, and Betani/Huaxi/Polaiya performed significantly better than the industry.

▍ China beauty market: low penetration rate, low concentration, large room for single brand growth, multi-brand and collectivization are still in the initial stage.

According to Euromonitor data, in 2021, the per capita consumption of beauty care in China is about 405 yuan, and that in the United States/South Korea/Japan/Europe is about 1,995/1,630/1,597/1,248 yuan respectively; In 2021, the retail sales of beauty cosmetics and personal care in China will be about 33.3%, while those in Korea/the United States/Japan/Western Europe will be about 49.8%/41.1%/36.8%/35.8% respectively. In 2021, the market sales of L ‘Oré al Group, Estee Lauder Group and Shiseido Group in China were about 69.8 billion yuan, 30.8 billion yuan and 19.9 billion yuan respectively, while the leading enterprises in China generally did not exceed the terminal scale of 10 billion yuan. From the perspective of single brand, in 2021, the retail sales of L ‘Oré al Paris, Lancome and Estee Lauder in China market will be 23.4 billion yuan, 17.8 billion yuan and 15.8 billion yuan respectively, while the multi-brand and collectivization of China’s beauty products are generally still in the initial stage; In the next five years, China beauty brands will go to sea as the general trend; In 2021, the global sales of L ‘Oré al Group and Estee Lauder Group were 349.8 billion yuan and 126.8 billion yuan respectively. The global sales of single brand L ‘Oré al Paris was 92.1 billion yuan, Lancome was 43.4 billion yuan and Estee Lauder was 35.9 billion yuan.

▍ China Beauty Evolution and Trend: R&D enhances product strength, and large single products tamp the moat; Dig deep into the channel stock and actively grasp the increment.

At present, the consumption upgrade has temporarily encountered a phased bottleneck, consumers are more rational in purchasing beauty products, and product strength plays a more important role in purchasing decisions; After several years of accumulation, the product strength of local brands has generally increased. Huaxi Bio and Betani have driven product innovation with raw material innovation in their respective tracks, gradually forming China beauty features and consumer minds; Huaxi follows the path of "science → technology → product → brand", and it is expected to maintain the R&D expenditure rate of about 6% in the future, or create its own "Bose Cause" and "Pitera" of China beauty brand; Bettini strengthens the geographical "franchise value" based on the characteristic plants of Yunnan alpine-it is difficult to imitate, and it is even more impossible to copy. Polaiya’s big single product strategy has entered the harvest period, and Betani Winona, Huaxi Runbaiyan /BM Muscle Activity and other big single products have achieved remarkable results in promoting sales, raising profits and fixing stickiness. In 2021, the proportion of online income is: Proya 85% > Betani 82% > Huaxi Bio * 78% > Marubi 60% > shanghai jahwa 42%. As far as Amoy Department is concerned, the volume of local brands is still far lower than that of international head brands. Digging deep into Amoy Department and grasping emerging channels such as Tik Tok are the common paths for local leaders to continue to increase their share.

▍ Risk factors:

Under the repeated local epidemic, residents’ willingness to buy declined, affecting optional consumption such as beauty; International brands make great efforts to promote sales through multiple channels, eroding the share of local brands; New product sales failed to meet expectations; Traffic, product promotion, etc. erode performance.

▍ Investment strategy.

Looking forward to the whole year of 2022, the local beauty industry chain in China will continue to evolve and move forward: although the growth rate of the industry has slowed down, the growth rate is still in the forefront of all kinds of consumer goods, and there is a broad space for a long time.

Main line 1: Relying on R&D and track product strength, strong operational capability, emerging channels and other factors, the differentiation will be further enhanced, and multi-brand and collectivization will also enter a new stage. Huaxi Bio (functional skin care products maintain high growth and profitability tends to improve), Polaiya (big single product strategy enters the harvest period, and the second brand Caitang grows at a high speed) and Betaine (main brand Winona has high barriers and is a new brand. It is suggested to pay attention to the development of Marubi and Lushang.

Main line 2: With the implementation of the new regulations, the beauty supply chain has greatly improved the industry threshold, and the concentration trend is upward. It is mainly recommended that Kesi shares, the beneficiary of the new regulations at the raw material end, and Jiaheng Jahwa, the beneficiary of the improvement of the competitive pattern.

This article comes from financial circles.