Olive Young is a popular beauty and health store based in South Korea that I had never heard of until I started living here.
There are at least five decent-sized Olive Young stores ( in addition to countless cosmetics shops) within walking distance from my apartment in Gangnam and at any time I visit one of them to buy a tube of suncream or some moisturizer I need to jostle for space because they are always crowded.
Also, the diverse range of cosmetics and skincare products displayed on the shelves can be mindboggling but not for the Korean customer who I see flitting from shelf to shelf confidently scooping up rejuvenating snail masks, eye creams loaded with collagen extracts and acne patches. I envy how well informed Koreans are about skincare products!
In recent years, K-beauty products, especially skincare has risen in popularity. Articles and blog posts waxing lyrical about the ’10-step Korean skincare routine’ or the ’13 best Korean Face masks’ keep popping up on my newsfeed. When my overseas friends visit Seoul, trips to Olive Young stores are imperative. I wanted to know why. If something exciting is brewing in my own backyard shouldn’t I be curious?
So I dug a little deep and found that the global cosmetic industry makes a ton of money. In the next 3 to 4 years, it is expected to grow to 379 billion dollars! If you break down this number into product categories (cosmetics, perfumes & colognes, skincare, hair care, , and others), you find that it is skincare that’s driving most of the growth. By 2024, the global skincare products market size alone is expected to reach 196 billion dollars!
What makes skincare so popular? Industry analysts point towards increased awareness in wellness which in today’s day and age translates to clean eating, fitness and the natural, no make-up look. The wellness trend is driving consumers to take better care of their skin. And this ‘skin first, make-up second’ philosophy that has been gaining momentum across the world is believed to have originated in South Korea where skincare is part of the culture.
Not just that, the sizeable skincare and cosmetic industry of South Korea is highly competitive. In order to stand out brands constantly invest in research and development to create new, better quality, and competitively priced products which earn them an edge in the global market.
In a CNBC interview, I heard Charlotte Cho, founder of Soko Glam – a site that curates and sells Korean beauty products – explain how K-beauty created a skincare wave. “They opened the door to innovations, allowed indie brands to come to the forefront of a lot of these skin care trends, they also widened the appetite for new products and categories and they’ve been a big part of the education around skincare.”
She also believes that “influencers and social media were key for K-beauty to takeoff”. The skincare boom owes a lot to social media. Skincare gurus and make up artists have huge fan followings on Youtube and Instagram where they share their daily skincare routines and explain why they prefer certain products and how those products impact their skin. As a result, consumers are discovering new products and learning about ingredients that go into these products.
Today South Korea is not just an exporter of beauty products but also a huge manufacturing base for American and European brands. As the country continues to grow as the latest beauty innovation and creation hub, I certainly have a better understanding of why my neighbourhood Olive Young stores are always buzzing with activity. I visited one recently during a big promotion and managed to buy four items I didn’t need! The sketch is from that time.