South Koreans increase anti-ageing spending

By Chris BARKER

- Last updated on GMT

Related tags: South korea

South Koreans increase anti-ageing spending
A survey by South Korea’s business lobby has revealed that more than 80 percent of consumers increased their spending on anti-ageing products and services over the past three years.

The Korean Chamber of Commerce (KCCI) survey found that of 500 consumers, all respondents said that they were planning to at least maintain their current rate of spending on anti-ageing products.

According to market research company Euromonitor International, the South Korean anti-ageing market has made a remarkable expansion- from $6bn in 2007 to over $10bn in 2012.

Winning edge

The KCCI said that the desire to gain a “competitive edge”​ through a youthful appearance was responsible for consumers’ high spending even in the face of a global recession.

Of the consumers surveyed, 60 percent took dietary supplements and 59 percent ate health foods such as blueberries and nuts.

Most said that they used cosmetics to eliminate wrinkles and to lighten their skin tone, whilst 46.4 percent used either dyes or anti-hair-loss products.

More than 55 percent said that they would spend more on dietary supplements and health foods and almost 40 percent saying that they would increase spending on functional cosmetics.

Demographic changes

The country’s number of old-aged residents increased by more than 2 million between 2007 and 2012.

By 2017, there are predicted to be over 14 million over-55s in Korea- about a quarter of the entire population.

Economy

Data from Euromonitor shows that South Korea suffered its weakest growth in three years in 2012.

The country suffers from relying on a heavily export and manufacturing-based economy in the face of slowdowns in Europe, America and China, as well as needing large amounts of imports from foreign markets.  

Other reasons for South Korea’s sluggish growth include the decline of the yen, high housing debt and a stagnant housing market.

Cosmetics market

Korean skincare giant AmorePacific has said that the domestic cosmetics market has been growing rapidly since 2006, with an average rate of 10.4 per cent. In 2011, the industry’s total market value was around $8bn.

Growth is being driven by factors such as booming sales in skincare, increasing internet retail and a rapidly growing men’s cosmetics sector.  

Related topics: Market Trends

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