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Made in China! Homegrown products drive new consumption, boost global economy

 , Updated 11:10, 28-Feb-2024

The year 2023 witnessed the spectacular rise of China's homegrown beauty and personal care products. Sales soared by 21.2 percent compared to the previous year, with domestic brands claiming a whopping 50.4 percent market share, outshining foreign cosmetics brands for the very first time. Thanks to their stellar quality, competitive prices and savvy marketing strategies, Chinese consumers are embracing domestic brands like never before, making them a staple in self-care routines. Besides cosmetics, consumption of various domestically produced products have also surged, boosting economic growth. From home appliances, new energy vehicles to clothing and electronic gadgets, domestic brands in various categories have embraced livestreaming e-commerce, stimulating consumer demand and injecting strong vitality into economic development.

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