China: Cosmetics, luxury goods and fashion collapsed in 2024

Featured image of the article China: Cosmetics, luxury goods and fashion collapsed in 2024
The editorial team is offering you free access to this article
Start your free 15-day trial to access all our content

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.

To go further
Faced with the downturn in Asia, Kering’s sales fell by 12% and LVMH by 2%
For LVMH and Kering, the world’s n°1 and n°3 luxury retailers, Asia, which had long been a growth driver, has weighed down annual results in 2024. Meanwhile, the 25% tariffs announced on February…
30 January 2025
For the first time since 2020, the global luxury market is expected to drop in 2024
In 2024, 50 million people have stopped buying luxury brands, according to a report by Bain & Co and Altagamma. In a historic decline, the report recommends re-evaluating the brands’ value…
21 November 2024

View all articles on this topic1

[mind Retail Exclusive] Blissim transfers thousands of customer reviews to the Sephora website
Since June 1, 2024, subscription beauty box specialist Blissim (1.2 million customers in France, 2023 turnover of around €50 million) has been capitalising on customer reviews. Previously…
Do you have information to share with us?
Our other services
Research
Conducting customized studies: benchmarks, overviews, personalized newsletters, white label content.
See more
Training courses
Our training courses & masterclasses: short formats for management, executive coaching, and skills development for junior profiles.
See more
Events
Our networking activities: half-day conferences dedicated to industry issues and open to the entire ecosystem.
See more
What you absolutely must read this week
The essential content of the week selected by the editorial team.
See all
E-retail media solidifies brand–retailer relationships
According to Publicis Commerce‘s e-retail media barometer for 2025 (surveying around 200 marketing, commerce, and e-commerce decision-makers in France) published on January 7, 2026, nearly...
2 February 2026
Marketplaces: Stockly enters  Switzerland with MediaMarkt, Decathlon, Galaxus and Manor
After a loss-making but high-growth year in 2025, the stock-pooling start-up for marketplaces signed agreements with 4 Swiss players, mind Retail learned. By taking on one of Europe’s most...
30 January 2026
Retail tech: major trends for 2026
In 2026, retail can no longer afford to promise. It must deliver. Retail tech has entered the execution stage. The race for showcase innovation is over, giving way to clear priorities: operational...
Bonus textile repair: a virtuous scheme held back by a shortage of skills
Two years after a launch in the fashion sector, the French repair "bonus" is struggling to scale up. The main reason is a limited pool of repairers constrained by poor recruitment. We share an...
29 January 2026
Most viewed articles of the month on mind Retail
What readers clicked on the most last month.
What readers clicked on the most last month.
1
Circana: French e-commerce ended 2025 with strong growth, hypermarkets continue to decline
After four years of decline, volumes of fast-moving consumer goods (FMCG) rose again in 2025 in France and Europe, although they did not compensate for four years of losses. The rebound was...
2
Black Friday: Amazon’s AI assistant Rufus featured in 38% of sessions in the US
While peak season sales, revealed at the NRF Big Show, rose by 4.1% in the US from November 1 to December 31, 2025, Rufus, Amazon’s conversational chatbot, confirmed its traction. During the...
15 January 2026
3
2026 Trends – BNPL, mobile checkout, wallets: new challenges for payments
(Trends 3/6) Faced with soaring Visa and Mastercard fees, European retailers are looking for alternative payment methods that protect margins while boosting conversion. From wallets and...
4
2026 Trends – Retail organises itself in the face of the Trump trade war
(Trend 4/6) Invested as President for a second term in 2025, Donald Trump has shaken global trade. Between higher customs duties, a tax on small parcels, attacks on diversity and inclusion...
5
Retail tech: major trends for 2026
In 2026, retail can no longer afford to promise. It must deliver. Retail tech has entered the execution stage. The race for showcase innovation is over, giving way to clear priorities: operational...
6
China bans JD.com, Alibaba and Meituan from forcing promotions
On January 7 2026, China published new regulations banning the country’s major e-commerce platforms such as Alibaba from forcing merchants to apply promotions. These measures, which will...
8 January 2026