Most Popular Products Are from Small and Medium-Sized Enterprises
As COVID-19 entry restrictions have been lifted, Myeongdong, known as the 'Beauty Hub,' is regaining its vitality.
According to CJ Olive Young on the 19th, an analysis of sales from five stores in Myeongdong from the 1st to the 17th of this month showed that foreign customer sales increased 29 times compared to the same period last year. This figure is more than double compared to 2019, before the COVID-19 pandemic. In fact, the proportion of foreign sales in Myeongdong commercial district stores jumped from 12% last year to 73% this year. By region, sales were highest from Southeast Asia, Japan, English-speaking countries, and China, in that order.
Foreign tourists are purchasing products at the Olive Young Myeongdong flagship store. [Photo by CJ Olive Young]
Among the top 10 brands popular with foreigners, nine were small and medium-sized enterprises. In particular, Joseon Minyeo is a brand gaining popularity on American social networking services (SNS). It opened in the Myeongdong commercial district in August last year, and its monthly sales have been increasing by about 30%. Malgeun Rice Sunscreen ranked first among popular products for English-speaking customers and sixth overall among foreigners.
Southeast Asian customers showed interest in slow-aging products emphasizing wrinkle improvement functions, while English-speaking consumers showed high interest in sunscreens with formulations similar to skincare products. Chinese customers tended to purchase color cosmetics, and Japanese customers were found to buy a variety of product categories such as teeth whitening agents and hair treatments.
An Olive Young official said, "As Chinese tourists return to the Myeongdong commercial district, the number of foreign customers visiting stores is rapidly increasing," adding, "We will continue to introduce high-quality K-beauty brands and serve as a mecca providing easy experiences."
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