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According
to Mintel research (2017) South Korea has been revealed to be among the top 10
global beauty markets and it is estimated to be worth $13 billion in 2017.

While
in 2017 facial skincare accounted for 51% of the total market share with $6.5
billion in retail, colour cosmetics was valued at $2.3 billion.

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Jane
Jang, a senior beauty analyst at Mintel supported the success of the South
Korean beauty market by commenting that the reason for this success are the “fast-paced
innovations and highly engaged consumers who don’t hesitate to adopt novel products
delivering new beauty experiences.” (Mintel, 2017)

In
terms of Western brands, Jane Jang stated that due to “K-Beauty’s growing
popularity worldwide, western brands are constantly looking to South Korea for
their next inspiration, seeking to adapt popular South Korean beauty formats
for Western consumers.” South Korean beauty is believed to be 7 years ahead of
other beauty industries in terms of innovation (Vogue, 2016) and its popularity
comes from “high performance” products combined with “fun packaging and
sensorial cues, as well as affordable prices.” (Mintel, 2017)

 

The
purpose of this MSc project is to identify UK millennials perception and
adoption process of innovative beauty as seen in the South Korean beauty market
and to determine if constant innovation is able to create brand awareness within
millennials. This paper will also explore types of innovation, which will be
conducted by empirical investigation with survey data. First of all, it is key
to identify gaps in the literature and to propose a model of Beauty adoption.
One gap is definitely the small amount of research done about the adoption
process of later generations and millennials actual perception of beauty
products. This paper will look at skincare as well as colour cosmetics as the
newest trend of beauty innovation are multi-purpose products such as colour
cosmetics that include skincare properties.

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