Chinese cosmetics industry immune to economic slowdown

In spite of the ups and downs of the economy, it seems people's pursuit of beauty remains unchanged.

Even though the country has been undergoing ups and downs in recent years, the Chinese cosmetics industry has managed to maintain a compound average annual growth rate of 8.2 percent between 2011 and 2015, according to global market consultancy Euromonitor International.

With demographic changes, increased consumer spending as a result of higher incomes, a better understanding of cosmetics consumption and multiple sales channels, the momentum is expected to gather, according to Euromonitor, with the compound average annual growth rate expected to reach 6.7 percent between 2016 and 2020. The value of the Chinese cosmetics market can reach 435.2 billion yuan ($62.6 billion) by 2020.