Korea’s Beauty Industry Booms, Unaffected By Covid Pandemic
In the K-Pop industry, visuals play a vital role in the artist's journey as an idol. It may not be the most important part of an idol's persona, but it helps reel in new fans and also helps promote the somewhat elite way of life an idol has with intense training and dieting and all.
A key example of this is SM Entertainment. Their K-Pop idols are known for their outstanding vocal range and even more for their eye-catching visuals. More specifically is SM's Red Velvet. One of the hottest and talented girl groups of this generation.
But regardless of Red Velvet's undeniable natural looks, beauty is further intensified with makeup, and although the pandemic is still making rounds in the world, their beauty industry is still booming.
Good news reigned over the Korean Cosmetic and Beauty industry as in 2020, South Korea increased by 16 percent in their exports in beauty and cosmetic lines even though the Covid-19 pandemic rages on.
South Korea's exports in cosmetics had a wonderful year in terms of financial growth rate, primarily in double-digits. This has been the case since 2012. The figure dropped only in 2019, a measly 4.2 percent.
Compared to other nations, China, the US, Japan, and Vietnam's exports in cosmetics grew 24.5%, 21.6%, 59.2%, and 18%, respectively.
South Korea's rise in cosmetic exports is proved by the steadily growing and popular K-beauty. This makes use of skincare and makeup. The top nations who export are coming from Europe and the United States.
South Korea's Imports on cosmetics, on the other hand, have declined. This is the second year that it has declined.