Increasing past skincare
Whereas skincare stays central to Okay-Magnificence’s success, the report highlighted that the business is now “making important inroads into hair care, coloration cosmetics, physique care, and perfume.” For instance, the report illustrated, “the variety of Korean cosmetics sellers incomes greater than $100,000 per 12 months has additionally greater than doubled from 2022, underscoring their sturdy development streak when it comes to amount and high quality, in line with Amazon.”
This enlargement displays each shopper demand and Okay-Magnificence’s repute for pure elements and affordability. These classes, particularly hair care and physique care, are anticipated to drive future development, signaling Okay-Magnificence’s evolution right into a complete magnificence answer.
Digital platforms gas development
Amazon and TikTok have been instrumental in driving Okay-Magnificence’s second wave of development within the US market. In response to the report, “Okay-Magnificence income on Amazon.com jumped 78% 12 months over 12 months” in 2023, and gross sales are anticipated to greater than double in 2024, largely pushed by initiatives like Amazon’s “Mission Okay-Magnificence Go Massive,” that are designed to simplify the entry of Korean magnificence manufacturers into worldwide markets, the report confirmed.
TikTok, with its 170 million US customers, has additionally performed a pivotal function in Okay-Magnificence’s development. The report reveals that searches for “Korean skincare” on TikTok rose 180% year-over-year in 2023. Hashtags like #kbeautymakeup grew 85%, making TikTok a key discovery platform for Okay-Magnificence tendencies. Moreover, “six out of the highest ten skincare manufacturers by TikTok views development are Okay-Magnificence manufacturers,” exhibiting the facility of social media in driving product visibility and gross sales.
When it comes to search habits, US shoppers are gravitating in the direction of merchandise like “Korean Sunscreen,” “Sheet Masks,” and “Tinted Sunscreens,” which rank among the many high Okay-Magnificence-related Google search phrases. “Amazon’s dominance is evident, with a mixed 224.4 million Okay-Magnificence-related views, surpassing Sephora,” whereas hashtags like #amazonfinds have pushed engagement, mentioned the report. Sephora additionally stays a key participant, with its hashtag #sephora producing 175 million views and robust shopper engagement in Okay-Magnificence, the report confirmed.
Social shareability and shopper loyalty
The report additionally emphasised the rising function of social media in producing word-of-mouth advertising and marketing for Okay-Magnificence. “Okay-Magnificence’s social shareability has allowed lesser-known Korean magnificence manufacturers to turn into more and more widespread within the US market,” the report acknowledged. This reputation has been additional amplified by optimistic opinions and testimonials shared on platforms like TikTok and Instagram, the place Okay-Magnificence merchandise are praised for his or her “high-quality, inexpensive” choices.
With rising gross sales generated from optimistic word-of-mouth, exports to the US from small and medium-sized Okay-Magnificence manufacturers elevated by 79.1% to $266.3 million in Q3 2023, the report confirmed, underscoring the significance of digital visibility and shopper engagement in shaping Okay-Magnificence’s future within the US.
The second wave of Okay-Magnificence is greater than a fleeting development—it’s a highly effective cultural and industrial drive reshaping the US magnificence panorama. With its modern merchandise, sturdy social media presence, and rising shopper base, Okay-Magnificence is well-positioned to proceed increasing throughout a number of magnificence classes. US cosmetics producers and retailers who embrace the teachings of the second wave, notably in distribution and digital advertising and marketing, will have the ability to capitalize on this dynamic market.
