August 2008

Despite negative growth in the second quarter in private spending, purchases of makeup and skincare products accounted for 0. This is apparent from the rising number of people having plastic surgery while more high-end cosmetic lines are available than ever. According to the Health Insurance Review and Assessment Service, the number of hospitals conducting plastic surgery doubled over three years between 2004 and 2007 to about 1,000 clinics nationwide. When a country's per capita GDP is near or at $20,000, such as Korea's, people tend to show off their newfound wealth. Experts forecast the rising demand for cosmetics will continue, as factors boosting demand are expected to remain constant. read more