Recently, the market has seen two "abnormal" data, which means that the consumption concept of Young Chinese people has completely changed.
First, following the Japanese car, the Korean car that once swept the domestic market could not be sold, the market share has fallen to 1.7%, and has declined for 6 consecutive years, and the loss is a mess. Hyundai, which everyone is familiar with, has now sold the first factory to Ideal for 6 billion. The data shows that Hyundai slipped 23.3% in 2021, only 68% of the target. There is also Kia, which has fallen by 74.9% in 2021 compared with 2016, and in just 5 years, Kia's sales have been less than a quarter of that year.
Second, Korean cosmetics, which were also popular in the domestic market, suddenly stopped eating. During this time, a large number of Korean cosmetics companies such as HERA Heyan, Innisfree Fengyin, Itti House, and Siqin Skin, which we are familiar with, have begun to close stores to varying degrees, and some have even directly withdrawn from the Chinese market. According to the data, Innisfree alone closed more than 90 stores in 2020. In March last year, Itti House closed all offline stores in one fell swoop.
Why, the "Korean Wave" suddenly stopped flowing in China? There are two reasons, one is that the group of post-90s and post-95 Chinese young people who once liked the "Korean Wave" have grown up and no longer regard Korean imports as "face", and their consumption concepts have completely changed. The other is that whether it is in the field of automobiles or cosmetics, a large number of domestic products have begun to rise, and domestic production is no longer what it used to be.
Data show that in the automotive field, in the top 20 global new energy brand sales in 2021, Chinese brands account for 8, and domestic BYD is second only to Tesla in the global new energy market.
In the field of cosmetics, in 2020, the domestic product Perfect Diary ranked second with a share of 6.4%, surpassing international brands such as Dior and L'Oréal in one fell swoop; domestic products such as Huaxizi, Zhiyouquan and Zise also had a significant improvement.
Yesterday also saw a set of data, according to the sale platform Vipshop data show that in the top ten beauty sales of the 2021 platform, domestic brands have accounted for 60%. In the Vipshop Beauty Festival in February this year, the domestic product Winona achieved 48% growth on its platform, once surpassing many similar imported goods.
Such a phenomenon is not only in Vipshop, Tmall Jingdong also ushered in a substantial increase in domestic production. For example, the turnover of Jingdong Beauty in the first 4 hours of the climax of the 3.8 festival increased by 5 times year-on-year. High-end beauty and domestic beauty brands have bright performances.
Today, the decline of Korean and even many imported cars and cosmetics is not actually that their quality is not good. Instead, more and more domestic products are rising, and domestic products are becoming different from the past. Domestic cars, domestic cosmetics, domestic mobile phones, and domestic clothing are gradually pulling back the consumption that once flowed out. With the rise of domestic production and the return of consumption, it must be the return of self-confidence, and the change of consumption concepts of more and more Chinese young people, and this day is what we have been looking forward to for a long time.