China: Cosmetics, luxury goods and fashion collapsed in 2024

In China, total retail sales slowed in 2024. According to the National Bureau of Statistics, they increased by 3.8% in value last year (excluding automobiles), after a rise of 7.3% in 2023. The grocery sector fared well with supermarkets’ sales rising 2.7%, convenience stores at 4.7% and specialty stores up by 4.2%. On the other hand, department stores fell by 2.4%, proof that the format is not spared anywhere. Sales of jewellery (down by 3.1%), beauty (down by 1.1%) and fashion (up by 0.3%) collapsed year-on-year. In 2023, they were up by 13.3%, by 5.1% and 12.9% respectively. Construction materials declined (2% fall) but less than in 2023. Furniture (up by 3.6%) remained stable. Sporting goods (up by 11.1%), hi-fi products (up by 12.3%) and small electronics (up by 9.9%) were the most dynamic categories.

To remember: Chinese online sales, up 6.5% in 2024, also slowed down from an 8.4%-uplift in 2023. Driven by food (up by 16%), e-commerce captured 26.8% of retail revenue.

Read more

Faced with the downturn in Asia, Kering's sales fell by 12% and LVMH by 2%

For the first time since 2020, the global luxury market is expected to drop in 2024

Exclusive

[mind Retail Exclusive] Blissim transfers thousands of customer reviews to the Sephora website