The Estee Lauder Companies makes prestige beauty and skincare products sold under brands including Estee Lauder, MAC and Clinique, selling primarily through department stores, specialty beauty retailers and its own retail and e-commerce channels. Its prestige positioning targets higher-income consumers willing to pay premium prices for beauty and skincare products, differentiating the company from mass-market beauty brands sold primarily through drugstores and general retailers. Estee Lauder has significant exposure to Asian and particularly Chinese consumer spending on prestige beauty products, a market that has driven substantial growth for the company but also introduced sensitivity to Chinese economic conditions and consumer spending patterns. The company's results are sensitive to discretionary consumer spending on premium beauty products, along with shifting retail dynamics as department store traffic has declined in some markets while travel retail and e-commerce channels have grown in importance.