This year’s domestic men’s cosmetics market is worth 1.2 trillion won.
Sustainable growth from the 2020 pandemic
Leading the male movement of the MZ generation, representing a young generation
Cha Eunwoo.[사진 제공 = 차은우 SNS 캡처]
Recently at a dermatology clinic in Seoul. A number of MZ generation men in their 20s and 30s are waiting to have the procedure. The purpose of these patients undergoing the procedure is to remove facial hair. It makes your beard and mustache so smooth that they don’t need to be shaved every day.
Mr. A, a man in his 20s, visited the women’s section of a department store and bought colored lip balm and colored cosmetics. A store employee said, “There is a steady stream of men looking for tinted lip balms and foundations,” adding, “Many of them are young men, but 2 to 3 out of 10 are men in the Their 40s and 50s.”
The days when hair was considered a symbol of masculinity are disappearing. As the number of young men who want smooth skin like celebrities such as Cha Eun-woo and Jang Dong-gun is increasing, it is no longer uncommon to see them waxing their faces or applying makeup.
It is also often seen that department stores use male models rather than female models to make up that brightens skin tone. We live in a time where men who want to look beautiful do not hide their desires and dress themselves boldly.
According to the beauty industry on the 3rd, Euromonitor, a global consumer trends research company, expected the size of the domestic men’s cosmetics market this year to be around 1.2 trillion won. It has been growing every year through the pandemic of 2020. The combined market size was 1.148 trillion won last year and is expected to grow by about 4% this year.
In particular, it was found that men from the MZ generation, which represents the younger generation, bought cosmetics from Olive Young. This seems to be due to good availability and reasonable prices.
As the men’s beauty market expands, Olive Young handles 1,800 types of men’s care products. To lower the barrier to entry for men’s makeup products beyond basic makeup such as toners and lotions, we are expanding our product range to include tone-up lotions and colored lip balms.
All Eve Young also designs different content to cover everything from foundation to make-up according to the beauty features of men who follow naturalism. A representative example is the ‘Men’s Pop-up Store’ which was introduced last August. This is the first time that Olive Young has collaborated with a men’s beauty brand to create a unique pop-up space.
Olive Young operated a men’s beauty pop-up store in the heart of Seoul’s Hongdae commercial district from August 30 to September 9. During the event period, the number of store visitors was around 12,000, and unlike normal beauty stores, the proportion of male visitors reached 80%. This seems to be proof that there are many men who are interested in beauty and want to look good.
The number of male members is also said to have increased significantly. An Olive Young official said, “Last year, the number of male purchasing members increased by 23% compared to the previous year. ” This official said, “The number of male members this year has not been calculated yet, but since July this year, men’s make-up products such as skin tone correcting lotion and tinted lip balm have increased by 50% compared to the previous year. .”
Focusing on men who want to groom themselves and look more handsome, Amore Pacific is gaining popularity by introducing the complete men’s style brand ‘Beready’. Since its launch, Beready has attracted attention as the #1 buzz brand (multiple referrals) in Korea’s largest men’s grooming community (Beyond Grooming). It can be explained that men who want to decorate themselves have a great thirst for a brand of their own. According to Amore, Biredi’s average annual growth rate from 2020 to 2023 was 76.9%.
Men who are interested in grooming themselves can also go through studies.
According to the ‘Male Grooming Trend Report 2022’ published by the consumer data platform Open Survey based on a survey of 1,000 men aged 20 to 49, 72% of all men answered that they take care to their skin with basic medicines, and that they regularly take care of their eyes (40% of the respondents had eye razors, tattoos, etc.). The proportion of people using specialized services such as dermatology also made up 16.3%.
A beauty industry executive said, “It’s a different feeling from the past when a lot of people were embarrassed to dress up because they thought it was rude,” and he said, “The men’s beauty market is becoming a new opportunity for the industry.”
