Korean cosmetics are becoming more popular in the Chinese market. It is said that 7 out of 10 Chinese tourists visiting Korea are buying cosmetics. Cosmetics exports to China will increase significantly, and for the first time this year, Korea's cosmetics trade balance is expected to turn to surplus...
Korean cosmetics are becoming more popular in the Chinese market. It is said that 7 out of 10 Chinese tourists visiting Korea are buying cosmetics. Cosmetics exports to China will increase significantly, and for the first time this year, Korea's cosmetics trade balance is expected to turn to surplus.
Increasing income levels and changes in beauty consciousness have contributed significantly to the growth of the Chinese domestic cosmetics market. As of 2013, the Chinese cosmetics market is the world's second-largest market with approximately 28 trillion won, showing an average annual growth rate of 10%. Given that the cosmetic population is still only 10% of the total, this growth is expected to continue. Many companies are already fiercely competing in China, and the global brands are showing signs of change, such as the competitiveness of local brands in the market where they have been monopolized.
The Chinese market is such a promising market with high growth potential, but it is difficult to enter such as difficult barriers to licensing. Currently, the Korean wave is very positive for Koreans' perception of Korean cosmetics. It will be necessary to gather wisdom so that the flow of Korean culture, such as the strength of Korean cosmetics and the Korean Wave leading the trend, will continue to show synergies in the future to match the characteristics of the Chinese market and the taste of consumers.
China had undergone a cultural revolution for about 10 years before the opening of reform, and under the influence of the revolutionary spirit, people could not consume it in cosmetics and so on. Those born and raised in this social atmosphere had no choice but to pursue beauty, and those who spent their youth in this period are now middle and old people in China. However, after the reform and opening, global companies such as Uniliver and P & G entered the Chinese market, introduced new products, and spread the awareness of the beauty throughout China, and Chinese aesthetics began to change somewhat. When it comes to dressing up, he doesn't have the prejudice as he did in the past.
80 Hou and 90 Hou were born in this changing environment, and they had a different perception of beauty and makeup than their parents. This shift in awareness has led companies to expand their research on 80-ho and 90-ho consumers, and they have emerged as the best potential consumer class. Companies are already taking advantage of this opportunity. In the case of Shiseido, which was focused only on the premium market, it increased its sales by 23% compared to the previous year in 2013 through efforts such as reorganizing the exclusive brand Urara in the Chinese market to 80 Hou and 90 Hou, launching new products and changing the sales method. Achieved. The consumption of cosmetics in 80 and 90 cosmetics became more important than any other age group.
Some 80 Hou, who have already surpassed their 30s, are emerging as a major group of anti-aging products. They are interested not only in cosmetics, but also in the cosmetic surgery market such as fillers. It has been shown that the supply of anti-aging-related injection products such as fillers cannot keep up with market demand.
Another important trend driving the growth of the Chinese cosmetics market is the growth of the online market. Alibaba CEO Marwin's performance of the “Single 11 (November 11, Solo Day)” event immediately shows Chinese consumers a preference for online shopping. This year, the final transaction amount of Taobao and Timol under Alibaba is estimated to be about 57 billion yuan.
There are several reasons why Chinese consumers prefer Internet shopping. First, it is because consumers are pursuing a 'cheap price' when purchasing products. According to analysts specialized in e-commerce, the average price of online products in China is 20 to 30% cheaper than offline products. On the other hand, in developed countries, it is known that only about 10-15% is cheaper. Second, there is increasing trust in the safety of hip-term online channels for payment methods such as Alipay. Third, consumers who are online can easily see the evaluation of related products, and check the sales volume of similar products of various brands. This is very different from offline shopping. Finally, accessibility. Because China's land area is very large, consumers in outlying areas tend to be in trouble when shopping. However, the online channel replaces the distribution channel in the outskirts where transportation has not developed. With the development of the logistics network, consumers living in underdeveloped areas such as 4th and 5th cities have become able to shop online easily, and they can buy the products preferred by residents of large cities.
Korean cosmetics are becoming more popular in the Chinese market. It is said that 7 out of 10 Chinese tourists visiting Korea are buying cosmetics. Cosmetics exports to China will increase significantly, and for the first time this year, Korea's cosmetics trade balance is expected to turn to surplus.
Increasing income levels and changes in beauty consciousness have contributed significantly to the growth of the Chinese domestic cosmetics market. As of 2013, the Chinese cosmetics market is the world's second-largest market with approximately 28 trillion won, showing an average annual growth rate of 10%. Given that the cosmetic population is still only 10% of the total, this growth is expected to continue. Many companies are already fiercely competing in China, and the global brands are showing signs of change, such as the competitiveness of local brands in the market where they have been monopolized.
The Chinese market is such a promising market with high growth potential, but it is difficult to enter such as difficult barriers to licensing. Currently, the Korean wave is very positive for Koreans' perception of Korean cosmetics. It will be necessary to gather wisdom so that the flow of Korean culture, such as the strength of Korean cosmetics and the Korean Wave leading the trend, will continue to show synergies in the future to match the characteristics of the Chinese market and the taste of consumers.
China had undergone a cultural revolution for about 10 years before the opening of reform, and under the influence of the revolutionary spirit, people could not consume it in cosmetics and so on. Those born and raised in this social atmosphere had no choice but to pursue beauty, and those who spent their youth in this period are now middle and old people in China. However, after the reform and opening, global companies such as Uniliver and P & G entered the Chinese market, introduced new products, and spread the awareness of the beauty throughout China, and Chinese aesthetics began to change somewhat. When it comes to dressing up, he doesn't have the prejudice as he did in the past.
80 Hou and 90 Hou were born in this changing environment, and they had a different perception of beauty and makeup than their parents. This shift in awareness has led companies to expand their research on 80-ho and 90-ho consumers, and they have emerged as the best potential consumer class. Companies are already taking advantage of this opportunity. In the case of Shiseido, which was focused only on the premium market, it increased its sales by 23% compared to the previous year in 2013 through efforts such as reorganizing the exclusive brand Urara in the Chinese market to 80 Hou and 90 Hou, launching new products and changing the sales method. Achieved. The consumption of cosmetics in 80 and 90 cosmetics became more important than any other age group.
Some 80 Hou, who have already surpassed their 30s, are emerging as a major group of anti-aging products. They are interested not only in cosmetics, but also in the cosmetic surgery market such as fillers. It has been shown that the supply of anti-aging-related injection products such as fillers cannot keep up with market demand.
Another important trend driving the growth of the Chinese cosmetics market is the growth of the online market. Alibaba CEO Marwin's performance of the “Single 11 (November 11, Solo Day)” event immediately shows Chinese consumers a preference for online shopping. This year, the final transaction amount of Taobao and Timol under Alibaba is estimated to be about 57 billion yuan.
There are several reasons why Chinese consumers prefer Internet shopping. First, it is because consumers are pursuing a 'cheap price' when purchasing products. According to analysts specialized in e-commerce, the average price of online products in China is 20 to 30% cheaper than offline products. On the other hand, in developed countries, it is known that only about 10-15% is cheaper. Second, there is increasing trust in the safety of hip-term online channels for payment methods such as Alipay. Third, consumers who are online can easily see the evaluation of related products, and check the sales volume of similar products of various brands. This is very different from offline shopping. Finally, accessibility. Because China's land area is very large, consumers in outlying areas tend to be in trouble when shopping. However, the online channel replaces the distribution channel in the outskirts where transportation has not developed. With the development of the logistics network, consumers living in underdeveloped areas such as 4th and 5th cities have become able to shop online easily, and they can buy the products preferred by residents of large cities.
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