As a result of the pandemic, and consumers spending much more time at home, demand for super premium beauty and personal care products was adversely affected. While in 2019 the category was demonstrating a limited increase in sales, in 2020 it dropped into negative growth territory.
Chanel focused on maintaining its brand strategy and entering the Kakao Talk Gift platform. Kakao Talk Gift is a mobile platform that is linked with the messenger app Kakao Talk.
Super premium brands with direct selling as a retail strategy (e.g.
Demand for super premium duty and personal care products in South Korea is set to rebound in 2021 as the country begins its recovery from the COVID-19 pandemic. Even with COVID-19, consumers rushed to stores to try out the new Hermes lipstick.
The consumer preference for super premium fragrances will continue. However, for skin care and colour cosmetics, the potential threat lies with premium and prestige positioned brands doing well, and penetrating rapidly through Olive Young – the dominant drugstore in South Korea.
The beauty and personal care industry in South Korea is very mature, with a lot of start-ups and quality mass and mid-level players, threatening the growth of super premium beauty and personal care brands. Start-ups look to cut through by positioning themselves with unique identities – for example, providing clean beauty, eco-friendly and conscious beauty, with mass and mid-level brands focusing on their local manufacturing, locally-sourced ingredients, value-for-money merit, and satisfying quality to retain a consumer base and value sales.
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Understand the latest market trends and future growth opportunities for the Super 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.
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This report originates from Passport, our Super Premium Beauty and Personal Care research and analysis database.
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