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| (Korea International Trade Association Institute for International Trade-Yonhap News) |
It was found that Korean cosmetics are making progress thanks to the Korean Wave in Russia.
According to the report’Strategy to enter the Russian cosmetics market’ released on the 22nd by the Institute for International Trade and Trade of the Korea International Trade Association, the import of Korean cosmetics from Russia was $133.1 million in 2019 from $15.15 million (19 billion won) in 2014. KRW 169 billion), which has nearly 9 times increased in 5 years.
As a result, Korea has grown to become the second largest importer of cosmetics after France in Russia.
In Russia, Korean cosmetics are of good quality and are evaluated as relatively inexpensive products compared to European products.
In addition, the Korean Wave star’s clean and transparent skin expression attracts great attention, and as the so-called’Korean-style 10-step skin care method’ has become popular through magazines and blogs, the likes and trust of Korean cosmetics are high.
As of 2018, the size of the cosmetics market in Russia was 10,32.5 billion dollars (12.7 trillion won), ranking 5th in Europe and 11th in the world. Russian women are very interested in makeup and skin care, and the participation rate in economic activities reaches 69%, so they have great purchasing power.
In this regard, the report predicted that the Russian cosmetics market could be a promising market for Korean companies.
The report said, “Local market trends include preference for natural cosmetics and natural make-up, practical consumption due to the economic downturn, and smart consumption based on online information.” “We intensively target the basic cosmetics market, which is the No. 1 item in the Russian cosmetics market and has high preference for Korean products. I should do it,” he advised.
In particular, he emphasized, “As there is a high interest in skin health, it is promising for companies with advanced technology in the field of functional cosmetics such as mask packs and anti-aging products, and beauty devices such as light-emitting diode (LED) masks and massagers.”
Along with this, it can be helpful to use social media or beauty opinion leaders.
In order to successfully enter the local market, efforts to develop products that reflect actual user reviews and reflect consumer opinions must also be carried out.
The report suggested, “Russia is a market that plays a role as a bridgehead between Central Asia and Eastern Europe,” and suggested that, thanks to the popularity of K-beauty, Korean small and medium-sized enterprises equipped with all three beats including technology, functionality and low price should actively advance. did. ()
