The masks are off, but beauty spending is still low.
Korean consumers continue to tighten their purse strings around cosmetics, even after the peak of the Pandemic, because of inflation and the rising popularity of soft, natural makeup. The cosmetics market's recovery remains slow compared to other consumer sectors, despite a record-breaking surge in consumers' credit-card spending in July. There is an uncertain outlook for short-term growth due to challenges in China and global economic conditions. Smaller brands like Tony Mo are reaping the benefits of emerging growth opportunities despite the double-digit decline in operating profits reported by Amorepacific in the third quarter. The company said that sales of basic skin care products increased by 90 percent. The cosmetics industry, which is renowned for swiftly adapting to trends and being highly sensitive to trends, is most noticeably taking place in this change.