Rising affluence: Shoppers are seen walking along a mall district in Beijing. Cosmetics companies in China have been busy tapping soaring demand by launching special gift boxes. — AP
BEIJING: With the arrival of this year’s Valentine’s Day, cosmetics companies in China have been busy tapping soaring demand with the help of a winged cherub named Cupid.
According to Beijing-based online financial platform Jianpu.ai, in the week before this year’s Valentine’s Day, some 30 cosmetics brands had launched over 100 types of special gift boxes, or product sets, in China.
Yatsen Global Pte Ltd, or YSG, a Guangzhou, Guangdong province-based beauty group, is among such gift offerers.
Consumers buying its Perfect Diary products can enjoy special package services and have the boxes enclose a special heart-shaped Anthurium andraeanum, a plant native to Colombia and Ecuador.
YSG’s other brands, such as Pink Bear and Little Ondine, have also launched various special gift boxes to attract more consumers.
However, with Generation Z becoming the major consumption group, cosmetics consumption on Valentine’s Day is also changing, a Jianpu.ai report said.
Compared to the post-70s and the post-80s generations, Gen Z consumers tend to pay for ceremonious demand, attaching importance to personality and connotation while making purchases and are found more willing to buy gifts for others than consumer groups of other ages.
Meanwhile, the report said the group is keen to make the most cost-effective choices by their affordability while making purchases.
A recent survey from Jianpu.ai showed that 83.42% of surveyed couples prepared Valentine’s Day gifts for each other with spending being between 500 yuan (RM319) and 1,000 yuan (RM639).
The post-95s age group turned out to be the backbone of Valentine’s Day consumption, with 95.52% of surveyed couples spending money on Valentine’s Day, and many of these spending over 1,000 yuan.
Eyeing such a change in consumption trends, cosmetics makers are launching different product combinations in different price ranges to reach more consumers.
For example, YSL Beauty, a brand under L’Oreal Group, launched eight boxes for this year’s Valentine’s Day, with prices ranging from 780 yuan (RM498) to 5,590 yuan (RM3,571).
These gift boxes not only covered the categories of skincare, cosmetics, perfume and fragrance but also suited various consumption levels from middle and high-end to luxury. Other brands like Sisley and Estee Lauder also launched Valentine’s Day gift boxes to satisfy the diversified needs of consumers. — China Daily/ANN
