(Yicai Global) June 15 -- Thirty percent of Chinese who take more than 100 selfies a day spend over CNY3,000 (USD455) a month on cosmetics, according to the maker of China's top selfie-editing app.
These selfie 'maniacs' have a higher capacity to consume because they tend to have more spending power, Meitu Network Technology Co. said in its latest 'Global Selfie Report.' Less than 10 percent of those who take fewer than five selfies a day spend that much.
Meitu started out in 2008 with photo processing software and has released a number of products including selfie filter camera applications and handsets featuring selfie functions. Its selfie-editing app 'Meitu Xiuxiu' means something like "make pictures more beautiful" in Chinese.
According to the Xiamen-based company's website, these products have "helped promote the selfie culture."
The report also mentioned that users of its selfie-series applications have reached 724 million globally, and that 210 million photos are generated daily. In addition, overseas users have been growing rapidly, accounting for 21 percent of its total. For example, late last year user numbers in India of its selfie filter camera app 'BeautyPlus' soared 22-fold from the year before.
Cosmetics companies have also noticed the huge business opportunities brought about by selfie lovers. Estee Lauder Companies Inc. [NYSE:EL] reported a 2.5 percent decline in sales at its skin care division, but a 7.3 percent increase in sales of cosmetic products for the first quarter of this year. Last year, the L'Oreal Group had an almost 11 percent jump in cosmetics sales, well above its 2 percent gain for skin care.
Estee Lauder CEO Fabrizio Freda said in an interview that young selfie lovers want to buy products with immediate effects, and that they care about their appearance now, rather than long-term effects that may occur several decades later.