South Korea’s exports of lipsticks are anticipated to hit a new record in 2023, the customs agency said, on the back of increasing demand, as people have taken off face masks around the globe.
The outlook came as exports of the products reached a record high of $198 million over the January-July period, soaring 63.5 percent on-year, according to data compiled by the Korea Customs Service.
The agency said the sharp growth came as social distancing measures were eased around the world, with consumers taking off masks and purchasing more cosmetic products.
Sales of small luxuries such as lipsticks also tend to rise during periods of economic uncertainty to provide psychological satisfaction, it added, citing the “lipstick effect.”
Over the seven-month period, the US was the destination of 42.2 percent of Korea’s lipstick exports, followed by Japan and China with 15.1 percent and 9.5 percent, respectively. (Yonhap)
