Accordingto Mintel research (2017) South Korea has been revealed to be among the top 10global beauty markets and it is estimated to be worth $13 billion in 2017.Whilein 2017 facial skincare accounted for 51% of the total market share with $6.5billion in retail, colour cosmetics was valued at $2.3 billion. JaneJang, a senior beauty analyst at Mintel supported the success of the SouthKorean beauty market by commenting that the reason for this success are the “fast-pacedinnovations and highly engaged consumers who don’t hesitate to adopt novel productsdelivering new beauty experiences.” (Mintel, 2017) Interms of Western brands, Jane Jang stated that due to “K-Beauty’s growingpopularity worldwide, western brands are constantly looking to South Korea fortheir next inspiration, seeking to adapt popular South Korean beauty formatsfor Western consumers.” South Korean beauty is believed to be 7 years ahead ofother beauty industries in terms of innovation (Vogue, 2016) and its popularitycomes from “high performance” products combined with “fun packaging andsensorial cues, as well as affordable prices.
” (Mintel, 2017) Thepurpose of this MSc project is to identify UK millennials perception andadoption process of innovative beauty as seen in the South Korean beauty marketand to determine if constant innovation is able to create brand awareness withinmillennials. This paper will also explore types of innovation, which will beconducted by empirical investigation with survey data. First of all, it is keyto identify gaps in the literature and to propose a model of Beauty adoption.
One gap is definitely the small amount of research done about the adoptionprocess of later generations and millennials actual perception of beautyproducts. This paper will look at skincare as well as colour cosmetics as thenewest trend of beauty innovation are multi-purpose products such as colourcosmetics that include skincare properties.