Fintech PR
Alibaba.com Reveals Growing Global Interest in Wellness as Buyers Prioritise Feeling and Looking Good
UK B2B buyers increasingly seek DIY beauty tools as consumers pursue affordable alternatives for salon-like results
LONDON, Jan. 22, 2024 /PRNewswire/ — Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, today reveals its top B2B beauty trends. It has found that the Beauty & Personal Care category is the fourth largest on the platform and the UK is the second largest market, falling closely behind the US.
An increased focus on wellness generally has led to a rise in the category’s growth. According to an insight published by McKinsey & Company, e-commerce in beauty nearly quadrupled between 2015 and 2022 and is expected to be the fastest-growing sales channel.[1] Furthermore, Alibaba.com’s data highlights that the number of buyers in the beauty and cosmetics sector has increased by 12% year-on-year. The UK is in the top three core growth markets with 19% YoY growth, behind France (+24%), and Germany (+27%).
There is also increasing interest among B2B buyers in natural makeup products. Alibaba.com’s data projects a compound annual growth rate of 7% from 2022 to 2031 for such products. In the UK, there’s been a 77% increase in buyer demand for epidermal growth factor products, 55% for functional skincare sets, and 126% for sunscreen products.
In light of inflationary pressures, B2B buyers are embracing cost-effective DIY (do it yourself) beauty options. At the end of last year, the average daily active buyers of nail art supplies on Alibaba.com increased by 35.7% compared to the previous year. Notable sector trends include nail artistry (up 46% YoY) and nail painting (up 44% YoY). Additionally, nail equipment for beauty shops and salons is gaining popularity, increasing by 59% YoY.
Roland Palmer, General Manager of UK, Benelux and Nordics, Alibaba Group, said: “The beauty sector is currently experiencing extraordinary growth, and we are seeing the so-called ‘Lipstick Effect’ on Alibaba.com first-hand. Consumers increasingly seek out wellness-enhancing, yet affordable luxuries to look and feel good despite challenging economic times. The recent growth in number of buyers of lipsticks, nail products and other makeup items in the UK and EU markets is encouraging and shows the sourcing strength of the platform in these categories.
With the beauty industry projected to maintain its growth trajectory through 2024, Alibaba.com is well placed to support buyers unlock those trends, boost business resilience and drive growth.”
About Alibaba.com
Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.
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