KPMG: "Appearance Economy" has become one of the most promising sectors in the Chinese consumer market.

KPMG released the "Value Economy New Chapter: 2025 China Beauty Market Industry Report", which shows that in the first three quarters of 2025, the total retail sales of consumer goods reached 36.6 trillion yuan, a year-on-year increase of 4.5%, while the retail sales of cosmetics reached 328.8 billion yuan, a year-on-year increase of 3.9%, becoming a stabilizer of the consumer market. Currently, the "Value Economy" has become one of the most promising sectors in the Chinese consumer market. With the dual support of policies and capital, the beauty industry is entering a key stage of increasing concentration and restructuring models.