Due to factors such as rising prices, Korean consumers have been spending less on cosmetics this year. Cost-effective cosmetics are widely popular among consumers in Korea.
As high prices continue, the popularity of Korean low- and medium-priced cosmetics brands in the beauty industry has been rising this year.
According to the latest data released by the cosmetics industry recently, the operating profit of many low- and medium-priced cosmetics brands commonly found on the roadside in South Korea in the third quarter of this year increased by about twice compared with the same period last year.
Affected by factors such as shrinking consumer confidence, Korean consumers have reduced their spending on cosmetics this year. As a result, the performance of Korean cosmetics companies, which focus on high-end products as their main products, declined. According to the latest data, the operating profit of two well-known large cosmetics companies in South Korea in the third quarter decreased by more than 10% and more than 30% year-on-year.
With the increase in the sales of low- and medium-priced cosmetics, the import volume of cheap, large-scale and easy-to-use cosmetics from China is also increasing. According to data released by the relevant departments of the Korea International Trade Association, in the first eight months of this year, the export value of Chinese cosmetics to South Korea increased by about 190% year-on-year, indicating that South Korea's demand for Chinese cosmetics has risen significantly.
Recently, the popularity of Chinese e-commerce platforms in South Korea will also be a favorable factor for Chinese cosmetics to enter the Korean market.
来源:央视财经(ID:cctvyscj)