The recent research by big data analysis firm KB Kookmin Card reveals that in the period of 2011 to 2015, sales of cosmetics and related products among men over 60 rose by 72.8% in the country, with sale among women reaching 100.3% growth.
The steep rise is due to a growing dominance across both genders of the anti-ageing category, on which older people tend to be willing to spend more on products of perceived quality.
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On average, according to the data, men of this age group spend 223,000 won on cosmetics and related products in a year, with women’s average spending coming in at 275,000 won.
Young people, the firm observes, are spending less, attributing this to the strong spend on high-end anti-ageing products among older generations.
“Unlike younger people in their 20s, who purchase mid-to-low cosmetics goods, older people who are better off have the tendency to purchase more high-end products,” a KB Kookmin Card official reportedly said.
A recent report on skin care in Korea from market research firm Euromonitor International confirmed this trend.
“Consumers’ image-consciousness continued to support skin care’s performance, with consumers keen to invest in skin care to ensure their skin is always in tip-top condition. This is especially crucial given the ageing population in South Korea, as consumers wish to preserve their youthful looks,” the firm reported.
Increasingly competitive
Despite the rise in spending among older consumers, skin care players in Korea are not predicted to enjoy a particularly easy ride in the coming year, up against an increasingly competitive landscape.
“Consumers’ willingness to invest in maintaining as well as improving their skin’s condition, so as to look their best at all times, will continue to support the category’s performance,” Euromonitor observes.
“On the other hand, intense competition from other beauty and personal care categories, especially given the dominance of mass brands, will continue to impede constant value growth in skin care.”