8 Min Read |
China’s place in global markets is increasingly about more than manufacturing alone. In a post-Covid push, China’s economy grew 18.3% in the first quarter of 2021, compared to the same quarter in 2020 — which is reportedly the biggest leap in the country’s GDP since it began keeping quarterly records in 1992. The social changes that go along with that economic growth include shifts in the balance of economic freedom, with a growing middle class of working professionals, and an increase in the number of women who are economically independent.
These young, independent, and creative Chinese consumers are creating their own trends — drawing on the history of their culture, and blending traditions from around the world with modern practices to express a unique take on style. The question for the beauty industry, then, is this: will homegrown Chinese trends take off in global markets?
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Updated July 2021