Women’s Makeup is a Very Good Business. \u00a0Kiko is having success with its men’s line. \u00a0Is there an opportunity here?<\/p>\n
It’s a trend that clashes with Western ideas about masculinity and gender, but Korean men are spending a ton of money on cosmetics products in order to improve their skin and appearance.<\/p>\n
South Korean men are the world’s top per-capita consumers of skincare products, with four times the purchases of runner-up Denmark, according to Euromonitor. The grooming industry is worth more than $1 billion, with projected growth of nearly 50% over the next five years.<\/p>\n
Korean men are not just buying aftershave and lotion, either. Demand is increasing for anti-aging products, masks and mists.<\/p>\n
Alex Taek-Gwang Lee, a cultural analyst at Kyunghee University, said that men are using more cosmetics because in South Korea, appearance is everything.<\/p>\n
“We have a proverb,” Lee said. “If you buy something, you must choose the one which has a good appearance.”<\/p>\n
In South Korea’s ultra-competitive society, he said that kind of decision-making also applies to people. When employers are looking to hire, for example, many of the candidates will have come from excellent universities and have similar qualifications.<\/p>\n
One thing that can set a candidate apart is their appearance.<\/p>\n
“If you want to have a higher salary, you must do the best for your human capital,” he explained.<\/p>\n
Chris Hong, an business executive about to hit the big 4-0 this year, is the industry’s ideal customer. His regimen includes twice-yearly Botox injections, as well as laser treatments to smooth out imperfections on his face.<\/p>\n
Hong freely admits that he spends more time, money and effort on beauty than his wife.<\/p>\n
“Whenever you do more grooming you feel better,” Hong said. “I don’t want to be looked at as older.”<\/p>\n
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Women’s Makeup is a Very Good Business. \u00a0Kiko is having success with its men’s line. \u00a0Is there an opportunity here? It’s a trend that clashes with Western ideas about masculinity and gender, but Korean men are spending a ton of … Continue reading