Estée Lauder Companies saw sales soar 20 percent in China over the last quarter as millennials rush to mirror the lifestyles and make-up techniques touted by popular fashion bloggers, according to a report published by Bloomberg.
“In the past, Chinese women didn’t put on foundation, mascara and eyeshadow,” Fabrice Weber, ELC President, Asia-Pacific told Bloomberg. “Today, it’s perfectly OK. Millennials are completely uninhibited to think ‘I need to look stunning’.”
China is now the group’s fastest growing market, with shoppers aged 18 to 30 accounting for 35 to 40 percent of sales, according to Weber. Chinese millennials are also notable for their thirst for luxury products in particular, as compared to millennials globally.
Euromonitor is forecasting that the Chinese make-up market will reach a value of US$7.4 billion by 2021, up from US$4.3 billion in 2016, with ELC snapping at the heels of market leader L’Oréal with a 14 percent share of the luxury make-up market, compared to L’Oréal’s 21 percent.