Slower Economy Means Lower Cosmetics Imports In China, Study Says

Cosmetics imports in China dropped 13 percent, pushed down by the economic slowdown in the country, according to the China Luxury Report 2012. Data from the General Administration of Customs of China revealed import value of cosmetics also declined 14 percent. While other luxury categories, such as yachts and high-end leather bags, posted impressive growth rates, imported cosmetics and fragrances posted compound annual growth rates of -19 percent and -28 percent, respectively, since 2006. Clinique announced price cuts for its skincare products, including Dramatically Different Moisturizing Lotion, its most popular product in China, to help drive sales.