Inside The Booming Korean Skincare Market
There are several reports and data analyses available from various sources about the booming Korean Skin care market but let us delve into it ourselves to understand this boom in the markets a little more closely.
Data have shown that year on year imports have significantly increased in Korea despite the worldwide recession threatening to shut shops and sloth business growth. A majority of this trade influx is dominated by cosmetics and skin care products. Reason cannot be far fetched as to what fuels this interest in this class. It has been observed that not only women who have been the target demographic of cosmetic products but also men are increasingly become self-aware and have appeared as an emerging market for beauty and skin care products.
Traditionally Koreans have been known for sticklers of clean and healthy skin and is a part of their eager urge to buy newer and better products which claim to be made out of natural ingredients and fuels the race among different brands to bring more new innovations in the field.
Among the giant Korean bigwigs, Holika Holika, Etude House, The Face Shop, InnisFree, Nature Republic,Tony Moly, Mediheal as well as MNCs like LG Household & Health Care are doing their best to vie for attention from consumers and leaving no stone unturned to bring in better, newer and more innovative products to the market.
Also a great feature of Korean markets is its emphasis laid on word of mouth rather than glossy, overpriced advertisements which their counterparts in other markets base their decisions on before making their purchase. It has cemented a great following for any new products rolled out in the market and also keeps the companies on their toes to make sure their first impression is definitely the best one to attract all potential buyers and boost their sales.
A lot of such purchases are now taking place over the net which has emerged as the new reckoning force in sales figures for various companies and have also beaten sales out of traditional brick and mortar stores.
It can be said with certainty that with the current trends cosmetics business is looking at an annual growth of 2-3 % by 2015-16 and already 50% of the emerging market is dominated by cosmetics companies.