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 the category was already only demonstrating a limited increase in sales in 2019, it then dropped into negative growth territory in 2020.
The online channel saw a major increase in its sales share in super premium beauty and personal care in 2020, with this continuing into 2021. The “lipstick effect” has been seen, in which sales of small luxury items such as lipsticks rise, even during an economic downturn, such as that experienced due to COVID-19.
Chanel has been 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.
Demand for super premium duty and personal care products in South Korea will improve in 2021, as the country begins its recovery from the COVID-19 pandemic, although sales will still be declining, given restrictions are still in place in 2021. Even with COVID-19, consumers rushed to stores to try out products like the new Hermès lipstick.
Shinsegae International launched sales of Swiss Perfection, a Swiss luxury skin care brand it acquired in 2020, on its own online mall SI Village in February 2021. Recently, the number of customers purchasing luxury cosmetics has been increasing rapidly at SI Village, which is expected to have a positive effect on the brand awareness and increase its sales.
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.
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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.
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This is an aggregation of super premium colour cosmetics, super premium fragrances, super premium skin care and other super premium beauty and personal care.
See All of Our DefinitionsThis report originates from Passport, our Super Premium Beauty and Personal Care research and analysis database.
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