The impact of the epidemic on the korean make-up “shopping heaven” seoul hole is continuing. According to financial reports, nearly 80 per cent of myyongdong's cosmetics stores have closed down since the new coronary outbreak began in 2020。
Citing kftc data, it was reported that the closure rate of korean cosmetics in 2020 was 28. 8 per cent. Many of the cosmetics shops used promotional methods to save themselves, but the results were not ideal。
The mingkou business circle is a well-known shopping mall in the heart of seoul, south korea, and is particularly popular with foreign tourists. Before the outbreak, the minghu business circle had not only brought together international costumes, but also famous korean home-grown make-up brands like laneige and etude house。
Chinese tourists used to be the main consumer of the minghu business circle garment and make-up shop, but after the outbreak of the new crown outbreak in 2020, chinese tourists to korea jumped off a cliff and hit the business circle retail business badly。
In november 2020, it was reported at the interface that many middle-class cosmetics stores, clothing stores and national restaurants had been shut down over the past year, owing to a reduction in international visitors and social distance restrictions. In the third quarter of 2020, the vacancy rate in the minghou shopping area was as high as 28. 5 per cent, five times the average of the overall market。
However, the situation continues to deteriorate. In july 2021, the korea times reported that the main korean make-up giants, such as the emory pacific corporation and the lg home health care corporation, which could still be supported in 2020, had also closed down several street shops under their brand in the minghu area。
According to a market study published by korea real estate board, the korea real market advisory body, the clearing-out rate for small businesses in the ring in the second quarter of 2021 has reached 43. 3 per cent, a further increase from 38. 3 per cent in the first quarter of 2021. This is the highest commercial vacancy rate in the ming-choose since 2017。
Although domestic markets received shocks to tourism retail channels, exports of korean cosmetics to overseas markets increased further. According to data from the korea customs department, korean cosmetics exports amounted to $6,122 million in 2020, an increase of 14. 8 per cent over the previous year。
While the real retail sector has been hit to varying degrees globally, the electricity market has flourished. In 2020, korean cosmetic sales exported through electric power platforms more than tripled, from $47 million in 2019 to $145 million in 2020。
Among them, the domestic market further consolidated korea's position as the largest export market for cosmetics, accounting for a total of us$ 3,046 million in korean cosmetics exports in 2020, or half of its global market. At the same time, japan and the united states were the main export markets for korean cosmetics in 2020。
It is noteworthy that the korean cosmetics industry is also expanding in emerging markets with the help of overseas cross-border electricians and wholesale-channel partners. The japan review of asia reported that turkey and middle east markets are emerging as korea's emerging overseas market for make-up. Trendyol, turkey's largest electrician platform, told the media that korean make-up sales on the platform were five times higher than they had been a year ago. Alibaba is a holding company of trendyol。
According to korean trade sector data, in june 2021 korean make-up exports to turkey amounted to $7. 8 million, an increase of more than 81 per cent over the same period in 2019. Although turkey and the middle east account for a small share of global exports of korean make-up, their growth has been significant. According to practitioners, this is mainly due to the boom in the electricity industry, the influence of social media kol and the promotion of local distributors。
In addition to electricity outlets, the hong kong cosmetics retailer, kryltons, and the make-up retailer, sylvester, are also promoting the make-up brand in their turkish front stores. In addition, in october 2020, he had opened his first shop in the middle east and planned to open more than 100 by 2025。
