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Chungbuk Cosmetics Sales Showing Uptrend Due to Increased Demand from China

According to Yonhap News,

(CHEONGJU=Yonhap News) Beaty companies in Chungbuk-do Province is maintaining increased sales amount thanks to the increased demand of the Chinese market.

According to the Chungbuk Regional Economic Report published by the Chungbuk Office of the Bank of Korea on October 1, the sales amount of LG Household & Health Care, It's Hanbul and Cosmecca Korea for the second quarter was KRW 1.87 trillion, which is increased by 25.5 percent from KRW 866.4 billion in the second quarter last year.

After the sales amount hit the bottom during the same period last year, the sales amount of those in the Province has been increasing continuously due to the increased demand of China for the high-quality beauty products.

The duty free sales amount of the three companies also increased during the same period from KRW 208.2 billion by 72.7 percent to KRW 359.5 billion.

According to the survey of the Korea Tourism Organization, the average Chinese tourist to Seoul per month in the second quarter last year was 245,000 and it increased by 51.8 percent to 372,000 during the second quarter this year.

As the demand of China for cosmetics increase, the sales of Chungbuk's cosmetics seem to increase as well.

However, the Bank of Korea said in order to continue sustainable growth, cosmetics manufacturers need to lower the dependency on China and try to diversify the markets.

"Intense competition with Japanese and Chinese companies and slowdown of Chinese economy due to the trade war with the U.S. may play as constraints, but the sales of Chungbuk cosmetics companies are expected grow for a while," said an official from the Bank of Korea.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (October 1, 2018)