The statistics come from a survey performed by the South Korea-based Seoul Business Agency, which surveyed a total of 239 consumers from this age group in Beijing to find out their thoughts on both South Korea-made cosmetic products.
The aim of the survey was to discover how Korean cosmetics are perceived by consumers in Beijing, China, which in the past few years has grown significantly to become by far the most important market for cosmetics and personal care products in the Asia Pacific region.
Underlining the fashionable appeal of Korean cosmetics, 27% of the respondents said that they ‘looked trendy’, while a further 62% said that they are specifically suited to their needs.
Korea gains reputation for innovation and mould-breaking
Many of the cosmetic products that have been coming out of Korea in recent years have been hitting some of the top trends in the global industry, including increasingly targeted skin care products, such as BB and CC creams, as well as innovative men’s grooming products.
The survey also found that 26% of respondents specifically preferred to shop for Korean cosmetics online, a figure that reflects the fact that these type of products appeal to a younger, trendier demography.
Likewise, the fact that China consumers are increasingly travelling these days on the back of growing spending power was reflected in the fact that 21% of survey respondents said that they bought their Korean cosmetics while visiting the country.
It also seems that Korean cosmetics are perceived to be relatively affordable, with only 4% of respondents stating that they believed the products to be expensive.
Korean cosmetics companies tap into rising Chinese spending power
The report highlights that the spending power of China consumers 33% of Chinese consumers spend more than CNY200 ($3.28) a month on skin care products, while another 33% spend more than CNY 500.
Although this figure is still relatively small, the increase is rapid considering this figure was negligible just ten years ago and the fact that the population of China is currently estimated to be almost 1.4 billion.
Korea rides a wave of international cultural popularity
All of this means that if Korean cosmetics companies can tap into this spending and continue to sway Chinese consumers with their products, exports there should only continue to grow.
South Korea has been enjoying a popular cultural renaissance in recent years, with an increasing amount of trendy Korean-made fast moving consumer products becoming popular with international consumers.
Korean pop music, commonly know as K-pop, has become a major export over the past couple of years, as have a growing list of trendy, innovative and imaginative consumer products, which have been snapped up by consumers in other Asian countries and worldwide.