Market Trends of South Korea Travel Retail Industry
Growing Disposable Income is Driving the Market
South Korea's travel retail market is growing at the fastest rate owing to improved living standards, a rise in disposable income, progress in lifestyle, and the development of the tourism industry. Once people have more disposable income, they tend to spend more on travel and retail. Young and urban consumers seek new travel experiences, driving travel and tourism trends and more targeted services and products. More and more travelers are making the whole journey digitally, from researching the trip and checking, browsing, and, ultimately, purchasing products. In addition, an upsurge in disposable income has increased the traveler's capacity and affordability to purchase exclusive products. This has created a positive impact on the expansion of the travel retail market in South Korea.
South Korea is one of the World’s Most Exciting Beauty Markets
South Korea is one of the world’s most exciting beauty markets. Appearance and beauty are significant in Korean culture. Hence, a high demand for beauty products and surgeries that help people attain the right look. New beauty trends and innovations featuring sophisticated ingredients and aesthetically appealing packaging are constantly displayed. In retail, South Korean consumers purchase beauty and personal care products not only from online retailers but also via duty-free shops. South Korean beauty consumers are constantly looking for something new and are willing to pay a premium for it. The global beauty brands are choosing South Korea duty-free as their point of entry into the Asian market. Brands such as Helena Rubinstein, Fenty Beauty, and Gucci Beauty decided to launch duty-free instead of other channels when they entered the South Korean market.
