Export Volume Soared 190%, Chinese Cosmetics are Popular in South Korea

Affected by factors such as rising prices, Korean consumers have spent less on cosmetics this year. Cost-effective cosmetics are widely welcomed by consumers in South Korea.

As prices continue to rise, Korean mid-to-low-price cosmetics brands have continued to gain popularity in the beauty industry this year.

According to the latest data released by the cosmetics industry recently, the operating profits of many mid- to low-priced cosmetics brands commonly found on the roadside in South Korea in the third quarter of this year increased by about twice compared with the same period last year.

Affected by factors such as shrinking consumer confidence, Korean consumers have reduced their spending on cosmetics this year. Affected by this, the performance of Korean cosmetics companies, which regard high-end products as their main products, has declined. The latest data shows that in the third quarter, the operating profits of two well-known large cosmetics companies in South Korea dropped by more than 10% and 30% year-on-year.

As sales of mid- to low-priced cosmetics increase, imports of cheap, high-quality cosmetics from China are also increasing. According to data released by relevant departments of the Korea International Trade Association, in the first eight months of this year, China's cosmetics exports to South Korea increased by approximately 190% year-on-year, indicating that South Korea's demand for Chinese cosmetics has increased significantly.

Recently, the popularity of Chinese e-commerce platforms in South Korea will also become a favorable factor for Chinese cosmetics to enter the Korean market.