China is the most expensive market globally to buy beauty products, according to a recent report issued by cosmetics price comparison platform, Cosmetify.
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Dubbed ‘The Cost of Beauty Around the World’, the Cosmetify report compared five “iconic” beauty products on the market right now, and looked into the pricing of each across 50 countries around the world.
Chosen products for the study were: Chanel No. 5 Eau De Parfum; M.A.C Cosmetics Retro Matte Lipstick; Estée Lauder Double Wear Stay-in-Place Makeup SPF10; Anastasia Beverly Hills DipBrow Pomade; and NARS Sheer Glow Foundation. For comparative
reasons, each product’s price was then converted into GBP and totalled.
From the data, China was found to be the most expensive country to buy the five products, setting local shoppers back US$427. Still in Asia, Thailand (US$365.03) and Taiwan (US$352.38) were the next most expensive markets globally, followed by the United Arab Emirates (US$324.80) and Denmark (US$316.94) rounding out the top five.
At the other end of the spectrum, Canada (US$240.06) was found to be the cheapest market to buy these five products, followed by the U.S.(US$244.83) and Turkey (US$260.32). Mexico and Malaysia came in fourth and fifth, with totals of US$263.32 and US$263.73, respectively.
By product, China was the most expensive market to buy Chanel No 5 Eau De Parfum fragrance, as well as NARS Sheer Glow Foundation, which sells for US$68.23 in the country. In contrast, the foundation was cheapest in Malaysia, priced at US$40.44. Thailand was the expensive market globally to purchase the M.A.C Cosmetics Retro Matte Lipstick, priced at US$26.85.
According to a recent report by GlobalData, China — the world’s second-largest economy — is expected to have a cosmetics and toiletries sector worth US$97.9 billion by 2024, growing at a compound annual growth rate of 6.2% from US$72.6 billion in 2019.