In China’s slowing beauty market, big-brand discounts won’t cut it

This restraint spells bad news for global firms such as L’Oreal, Estee Lauder and LVMH which for years banked on China’s US$52bil beauty market for growth. — Bloomberg

Expensive beauty hauls are a thing of the past for Evelyn Zhu. The Chinese branding professional says she now only spends on skincare essentials, joining millions of other consumers who have cut back on cosmetics in the world’s second-biggest market.

“In recent years we all bought so many products,” the 32-year-old from the affluent eastern city of Hangzhou said.