Cosmetics & Personal Care Sector (Japan)

Research evidence excerpt

Cosmetics & Personal Care Sector (Japan)

J P M O R G A N Asia Pacific Equity Research

15 July 2026

Cosmetics & Personal Care

Sector (Japan)

DATA & NEWS: June data indicate robust Chinese

demand for cosmetics

Key data show that sales of cosmetics in May accelerated compared with April at Japan Equity Research

drugstores and department stores. Cosmetics sales at major department stores in

Cosmetics and Personal Care /

June also maintained YoY growth. In China, cosmetics imports swung to growth Paper and Packaging

YoY in June, and sales growth momentum at large retailers accelerated again. We AC Akiko Kuwahara

believe these data points are reassuring for Japanese cosmetics companies such as

(81-3) 6736-8617

Shiseido and Kosé. Meanwhile, sales of toiletries in major Japanese channels akiko.kuwahara@jpmorgan.com

accelerated further from April. We presume stockpiling demand among JPMorgan Securities Japan Co., Ltd.

households in response to the Middle East crisis continued to drive sales. However,

we believe there is a high possibility of a pullback in demand in June from the

previous stockpiling, given the temporary calming of the situation in the Middle

East that month.

• June sales trends in China: According to data released on July 15, June sales

at large retailers in China rose 12.6% YoY for cosmetics and declined 2.2% for

daily necessities (May: +2.5%, +1.6%). In June, the import value of cosmetics

and toiletry products into China turned to growth, rising 10.8% YoY (May:

-15.1%).

• Domestic cosmetics sales trends (May to first half of Jul): In May, cosmetics

sales rose 10.7% YoY at drugstores and 6.4% at department stores (Apr:

+7.0%, +1.8%). May household expenditure data show online spending on

cosmetics increased 9.4% YoY (Apr: +14.1%). June cosmetics sales at major