Korean Cosmetics Demands Multiply in China, U.S.
Korean cosmetics are in high demand around the world. According to a report on Chosun, the production of Korean cosmetics has exceeded a record W10 trillion in 2015. The total W10.7 trillion is up 19.6% compared to the total in 2014.
The popularity of Korean cosmetics is due impart to the increasing interest in Korean culture, namely the pop music, TV dramas, and movies. The demand for cosmetics is also developing the industry.
Cosmetic exports to the U.S increased by 43.7%, for $2.59 billion USD worth of cosmetics since 2014. And exports to China nearly doubled to reach $1.06 billion.
Reports suggest that Chinese tourists, in particular, visit Seoul and purchase boxes of the facial mask packs. It is also popular to take selfies wearing Korean masks in China. Various masks from The Face Shop are designed to resemble pandas and tigers, as a strategy to appeal to Chinese buyers. Monthly sales of masks overall have increased by 40% compared to 2015.
Although sales to Chinese buyers have been a great source of the demand for Korean cosmetics, experts suggest that the success will not remain.
"Three years from now, Chinese cosmetics manufacturers will be rolling out products that are similar in quality to Korean ones but cheaper," Kim Joo-deok at Sungshin Women's University, said.
"We need to ease curbs on functional cosmetics and boost government investment and support for the industry."
