After seeing a current value decline in 2020, premium beauty and personal care showed fast recovery in 2021, thanks in large part to strong growth in premium skin care. Leading brands such as The History of Whoo, Laneíge and Aesop expanded their consumer base despite the pandemic.
Department stores are eager to attract consumers who are returning to shop for premium beauty and personal care products after the pandemic. Retailers are offering experiential marketing and promotions such as pop-up stores, in-store events, and cafés inside outlets.
Small luxuries continue to be popular, especially for gifting purposes. Hand care, lip products and liquid soap were popular during COVID-19, which made receiving gifts through Kakao Talk, a leading smartphone messenger application in South Korea, a new normal.
High-end premium beauty and personal care brands are expected to prosper more than entry-level brands in the forecast period. Just like luxury goods, in which iconic brands are in demand, beauty and personal care is also showing a similar pattern, whereby lower-tier and entry-level premium beauty and personal care products are being replaced with mass beauty and personal care products, whilst high-tier brands are maintaining consumer loyalty.
Premium unisex fragrances is set to continue to see strong value growth in the forecast period. The popularity of premium fragrances is not likely to decline any time soon, even after long years of strong consecutive double-digit growth.
With COVID-19 variants becoming less fatal and the outdoor mask rule loosened in May 2022, premium beauty and personal care is expected to see value growth over the forecast period. However, the rates of growth will not be as high as those seen in the early review period, when both local consumers and tourists supported sales.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium Beauty and Personal Care industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Premium Beauty and Personal Care
This is the aggregation of premium colour cosmetics, fragrances, deodorants, skin care, sun care, baby and child-specific products, bath and shower and hair care.See All of Our Definitions
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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