South Korea's beauty products are caught in the crossfire of the battle for who will dominate East Asia. First up, there's Kim Jong-un, leader of North Korea, currently owner of a stash of worryingly functional nuclear weapons.
Who knew that we'd have to be concerned about geopolitics in Asia when thinking about our Korean beauty products. If you haven't been following the situation between China and Korea, no worries. Here's a quick summary and possible implications to the K-Beauty market in the US and globally.
South Korea is highly (highly) economically dependent on China
China is Korea's biggest trade partner with exports to China accounting for about $142B in 2014. Geographically, they're neighbors and the Chinese have a strong affinity to Korean goods cultural and otherwise. Korean dramas in China were so popular that the Chinese government had to issue a warning against consuming too much of it. That's how addicted the Chinese are to Korean pop culture and they. drive. sales. TONS OF IT.Read More