Recently, the National Medical Products Administration issued the "Opinions on Deepening the Reform of Cosmetics Supervision and Promoting High quality Development of the Industry", among which the deployment of "promoting the development of the silver haired economy" has attracted special attention. This not only accurately responds to the livelihood needs of an aging society, but also injects new vitality into the consumer market. Currently, China has become the world's largest cosmetics consumer market. In the first half of this year, the total retail sales of cosmetics in China reached 229.1 billion yuan, and the industry market size has exceeded one trillion yuan for two consecutive years. In recent years, as China's aging process continues to deepen, the demand for beauty and skincare among the elderly is shifting from "optional consumption" to "essential consumption". However, for a long time, there have been problems with the positioning of elderly cosmetics in the market, such as vague positioning, single function, and outdated formulas, which are difficult to meet the practical demands of the elderly group due to the fragile skin barrier, emphasis on moisturizing and wrinkle resistance, and high attention to safety. The supply-demand compatibility needs to be improved. This reform clearly includes the research and development of products targeting the elderly population in the scope of support, effectively leveraging enterprise R&D resources to tilt towards the field of elderly cosmetics, and promoting enterprises to deepen their efforts in formula optimization, functional segmentation, safety testing, and other aspects. Not only can it provide more "usable, good, and reassuring" product choices for the elderly population, but it is also expected to fill the market gap and open up new growth space for the cosmetics industry. This measure is also integrated into the overall framework of "deepening regulatory reform and promoting high-quality development", encouraging innovation and risk prevention to go hand in hand, process optimization to synchronize with technical support, and building a solid defense line for product quality. This reform approach of combining "streamlining administration, delegating powers, and improving services" can not only avoid companies being deterred by high research and development costs and long approval cycles, but also prevent some companies from using the name of "elderly specific products" to produce indiscriminately, thereby ensuring a win-win situation for "industrial upgrading" and "improvement of people's livelihoods" in the standardized development of elderly cosmetics. Transforming policy goodwill into market success still requires the collaborative efforts of regulatory authorities, enterprises, and society. Regulatory authorities should encourage innovation while accelerating the establishment of scientific, prudent, and efficient product evaluation and regulatory standards, and strictly adhere to safety bottom lines; Enterprises need to invest in real research and development, abandon short-sighted marketing, and truly focus on the physiological characteristics of the elderly skin, and carry out systematic innovation in raw material technology, formulation process, packaging design, and other aspects; Social public opinion should also create a more inclusive and diverse aesthetic atmosphere, break stereotypes about age, and make the pursuit of beauty a natural right that runs through the entire life cycle. Only through the joint efforts of all parties can the "beauty needs" of the elderly population be fully met, and more brilliant sparks can be generated from the collision between the "silver economy" and the "beauty economy". (New Society)
Edit:Wang Shu Ying Responsible editor:Li Jie
Source:Economic Daily
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