It’s no secret that K Beauty (the love of all things Korean) has been sweeping the globe for the past year. Case in point: the Korean pavilion at this year’s Cosmoprof North America was swarmed with salon owners, retailer buyers and aestheticians looking to find the latest and greatest coming out of the skin care savvy country. Brand Growth Management, a New York-based firm that works with brands to position them for growth, financing and sale, recently took a deep dive into examining the Korean market. Here, the top seven highlights from their info graphic titled Just The Facts: Korean Beauty Market, curated by Sarah Chung, BGM’s go-to-expert and strategic partner in the Asian markets.
1. Korea’s beauty market is $9.6 billion.
2. Women make 90% of luxury purchases.
3. The average woman spends $130 per month on beauty products and uses 18 beauty products a day.
4. Korea is the number-one market for men’s skincare with $900 million in sales in 2013.
5. Cosmetics sell at 4-6 times the imported price.
6. Professional skin care comprises 9.5% of overall beauty sales vs. 1.3% in U.S.
7. Hair care represents 15.4% of the market and is projected to be $1 billion by 2017.
To see the full info graphic, please click here.