China's tourists boost AmorePacific's Q1 performance record

By Michelle Yeomans

- Last updated on GMT

China's tourists boost AmorePacific's Q1 performance record

Related tags Korea South korea

AmorePacific has posted its strongest first quarter performance to date, a boost the company attributes to Chinese tourists favouring its skin care at duty free shops.

The company posted record sales of 1.2 trillion won in the first quarter, up 58.2 per cent from the previous year.

China and other Asian countries accounted for product sales worth 241.2 billion, up 50.6 per cent.

According to The Korea Times, the group's 'stronger-than-expected performance' was driven by its flagship unit and other cosmetics affiliates, which sold a record number of cosmetics at home and abroad.

While the cosmetic player's Sulwhasoo and Hera brands performed strongly, AmorePacific reps say; "We will continue to boost our presence in China and other Asian markets, and create synergy among our affiliates."

The power of Chinese tourists

Figures released in 2014 by website, Huanqiu revealed female tourists from China to be fueling sales for South Korean cosmetics brands.

As many as 574,000 Chinese visitors were reported to be making the trip​ over to close neighbour Korea, which makes up 45% of all foreign tourists.

The research also featured statistics from the South Korean financial investment and tourism information system, that revealed Chinese enthusiasm for Korean cosmetics was not limited to incoming tourists, with exports to China also accounting for 54.7% of total Korean beauty exports.

Spending on cosmetics averages $350.01

In Japan, thanks to a cheaper yen and the influx of tourists from neighbouring South Korea and China (where disposable incomes are on the rise) tourists spent $14 billion in 2013.

38.5% were reported to buy cosmetics and pharmaceuticals​, making them the third most commonly bought item after food and confectionery.

The average amount spent on cosmetics by tourists is ¥20,270 (USD $205.52) however, visitors from China were found to be the highest spenders, with 68.4% purchasing and an average spending of ¥34,521 (USD $350.01).

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