AsianFin -- Japanese cosmetics giant Shiseido announced on Monday that its annual profit fell by 73%, largely due to a decline in consumer spending in its key overseas market, China. The company forecasts this trend will persist into 2025.

For the 12-month period ending December 31, Shiseido reported an operating profit of 7.58 billion yen ($49.9 million), down from 28.13 billion yen the previous year.

As a leading retailer of high-end personal goods, Shiseido is often considered a barometer for consumer confidence in China, a market the company and its competitors have increasingly relied on for sales growth.