According to Nielsen’s Japanese and Korean Trends report, which traces Hong Kong consumers’ perception on the popularity of Japanese and Korean trends, the popularity of the Korean trend has, for the first time, overridden Japanese trend with over 50% of respondents aged 18 to 54 agreeing that the Korean trends will continue to be popular in the near future. Eight out of ten millennials approve of the Korean trend and this is more skewed toward women (80%). Also, respondents with higher income are found to have a stronger recognition of Korean trends and are more likely to have visited Korea at least two times in the past year (88%).
According to Korea Tourism Organization 2017, there is an average of 600,000 tourists travelling to Korea every year with Korean cosmetic products accounting for 25% of China’s total cosmetic imports. The driver of the Korean trend is entertainment (76%), followed by fashion/personal care (71%).
Although surveyed respondents’ current trip spending on Japanese products is still 30% more than that of Korean products, with Korean products getting more popular in the market, around one-third of the respondents claimed that they will be increasing their spending on Korean products in the near future. Close to three in ten (28%) respondents who claimed they will purchase Korean fashion product, over 40% claimed that they will increase the spending. One-third who claimed that they will purchase cosmetic products, and among them, 37% will increase their spending. This trend has shown a great potential for the Korean retail market to come.
More info: www.nielsen.com