Cosmetics sales grow almost 10% in 2011 to $9.6 billion

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Cosmetics sales grow almost 10% in 2011 to $9.6 billion

Retail sales of cosmetic products in Korea grew 9.6 percent on-year in 2011 thanks to higher demand from domestic consumers and foreign tourists, data showed yesterday.

Cosmetic product sales here came to 10.82 trillion won ($9.63 billion) last year, compared with 9.81 trillion won a year earlier, according to the data offered by Statistics Korea. The growth rate was the second fastest after an 11.3 percent gain in 2009.

Cosmetics sales in Korea have been on the rise in recent years. In 2005, the figure stood at 7.22 trillion won and grew to 8.35 trillion won and 9.29 trillion won in 2008 and 2009, respectively.

The sharp increase is attributable to demand for high-end cosmetics from domestic consumers and foreign tourists visiting Korea. Yonhap

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