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Korean Beauty Trends & Industry News: 23-12-20


Cosmetic Industry's Mixed Quarter: Recovery with Weakened Profits

In the second quarter of 2023, analysis of the health industry manufacturers revealed a 9.8 percentage point increase in sales compared to the previous quarter. However, overall profitability appeared weakened. Notably, the cosmetic industry displayed a third consecutive quarter of rising sales. Despite a year-on-year decrease in sales growth, both medical devices (from -52.7% to -33.1%) and cosmetics (from 0.4% to 1.1%) showed an upward trend. Large corporations saw a decline in sales, while medium and small-sized companies either turned towards growth or showed reduced rates of decline.

Total assets and debt ratios of health industry manufacturers improved, with both pharmaceutical and cosmetic industries seeing reduced debt ratios. However, both sectors experienced a drop in operating profit margins and pre-tax net profit margins compared to the same period last year, with pharmaceuticals (from 9.6% to 9.3%) and cosmetics (from 7.3% to 6.9%) showing slight decreases. The medical devices sector faced a significant decline.

These results reflect various factors including a decrease in sales of COVID-19 vaccine-related companies, external diagnostic devices, and an increase in dental device sales. Despite the recovery of the cosmetic industry, there are concerns over the overall profitability decline in health industry manufacturers.


Lepair's Seminar Highlights Beauty YouTube Trends

The 'Beauty YouTube Big Data Insight Seminar' hosted by Lepair was successfully conducted as part of the '5th Korea YouTuber’s Awards 2023' in Sinsa-dong, Seoul. The seminar, attended by about 100 beauty industry professionals, focused on creator marketing.

Lepair's founder, Choi In-Seok, presented an analysis of 2023 beauty trends based on their big data. Park Jeong-Eun, Lee Ji-Eun, and Han Ye-Jin, managers in various departments, shared strategies for creator marketing and analysis results of the recommend service data.

A highlight was the bonus session led by Lepair's live commerce leader, Jeon Chan-Mi, discussing live commerce success stories and strategies for 2024. Choi emphasized Lepair's commitment since 2017 to investing in YouTube big data to enhance the beauty industry and pledged to contribute to its growth through regular seminars.

This event is gaining recognition as a significant platform for sharing creator marketing trends and insights in the beauty industry, growing alongside the annual 'Korea YouTuber’s Awards' as a leading beauty convention in Korea.


Adapting K-Beauty Strategies for China's Evolving Skincare Market

The 2023 Chinese skincare market trends are focused on 'clean beauty,' ingredient transparency, efficacy proof, and emotional experience. According to AI data company Shichi, Chinese consumers are increasingly interested in environmentally friendly, non-toxic, and non-irritating clean beauty products. Sustainable production standards for cosmetics have become crucial in China, with customers paying closer attention to ingredients and efficacy.

However, K-beauty skincare set sales strategies in China need revision. Data from China's largest e-commerce platform, Tmall, shows that Chinese consumers are shifting from set purchases to individual products. This trend has led to a decline in sales for some Korean brands, with the top 10 K-beauty skincare sets on Tmall experiencing a 32% decrease in sales compared to the previous year.

This shift is linked to the growth of local Chinese brands and intensifying competition. K-beauty brands need to explore new strategies, such as LG Household & Health Care's The History of Whoo leveraging social media platforms to effectively communicate with the Chinese MZ generation.

These market changes in China suggest that K-beauty brands must be more responsive to Chinese consumers' preferences and demands, developing new marketing strategies that align with global trends like clean beauty and adapting to changing consumer product selection criteria.
Location: 대한민국

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