Increased purchases of beauty equipment by millennials who value appearance
The 2534 generation, which mainly consists of office workers, is the generation who are most desperately obsessed about appearance, and they determine that appearance is the main means to increase their competitiveness, so they are active not only in health and skin care but also in plastic surgery. The 3543 generation consider their appearance to be a symbol of wealth or social status, focus on skin and body care, and actively use functional cosmetics, underwear, and jjimjilbang (Korean dry sauna).
As a fandom of Korean singers and actors was formed based on movie and drama-based Korean Wave or K-pop, the K-beauty also received much focus together and the craze for it was substantial.
Recently, global brands are choosing K-beauty as a key keyword to inspire product innovation, and the media often covers K-beauty trends. K-beauty is being mentioned as a trendy keyword, such as providing a K-beauty section in famous beauty stores such as Sephora. This phenomenon is leading to global companies' interest in Korean beauty companies. Allied market Research is expected to reach US$ 13.9 billion by 2027, at a CAGR of 9.0% during the forecast period.
The U.S. beauty industry suffered more than ever last year as stores were closed due to COVID-19 and consumers went out less due to home quarantine orders and remote working. Although sales in the beauty industry decreased by 19% compared to the previous year,
consumers are still interested in taking care of themselves, and new demand has also been created according to the changed lifestyle. As they were unable to visit professional care shops, self-care emerged as a consumer management method and an activity for relieving stress, and they began to show greater interest in functional skin care products that could bring a definite effect.
'Grooming-jok' is a neologism that refers to men who don’t hesitate to invest time and money in fashion and beauty. Now, it is not difficult to see men around men grooming their eyebrows and taking care of their skin. In fact, according to market research firm Euromonitor, the cosmetics market in Korea is worth about 1.2 trillion won and is expected to exceed 1.4 trillion won this year. Cosmetic companies such as Amorepacific and LG Household & Health Care are also launching homme, men's cosmetics brands in line with this trend.
As more and more consumers receive cosmetic and plastic surgery due to their interest in their appearance and related cases of consumer damage are steadily occurring, some businesses appear to be implementing unfair advertisements that are suspected of violating the Medical Act, so consumers need to exercise attention.
After analyzing 322 applications for damage relief related to cosmetic and plastic surgery medical services received over the past two years (2019-20) by the Korea Consumer Agency, 53.8% (173 cases) of the age group applying were in their 20s and 30s, and by gender, women were the overwhelming majority with 82.3% (265 cases). As for the locations of business operators, Seoul-Gyeonggi-Incheon accounted for 75.8% (244 cases), mostly concentrated in the Seoul metropolitan area, and by medical institution, clinics accounted for the most with 93.8% (302 cases).
1. Difficulty in securing aesthetic treatment know-how
2. Difficulties in management of hospitals and clinics due to continued COVID-19
3. Huge advertising costs to attract customers
4. Difficulty in securing qualified people
Lack of user information for product improvement and new product development
Consumers purchase beauty devices in anticipation of skin disease treatment or cosmetic effects. However, not many consumers are satisfied with their efficacy.
Need for hospital & clinic cooperation for new product development
For cosmetic and medical devices, the use experience in hospitals and clinics, which are the primary users, is a first priority requirement. However, it is extremely rare for hospitals and clinics to provide such information to manufacturers for new product development. Surprisingly, there are not a few cases where doctors develop new products based on such use experience.
Difficulty in securing global sales channels
Aesthetic medical information platform
As the demand for mobile medical information is driven by the contactless culture, false advertisements and hospital promotional reviews are also increasing. In order to reduce damage from medical accidents and false information, we intend to provide services that strengthen the soundness of the platform, such as online medical advertisement validation and blocking of promotional reviews of hospitals. We aim to solve the problem of information asymmetry in the medical industry by providing global users with high-quality aesthetic medical information about hospitals and clinics.
1. Direct response from hospital doctors within 24 hours
2. Thorough follow-up management through foreign patient managers
3. Real reviews - Blocking false Information through blockchain
4. Multilingual - supports automatic translation
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