According to government trade figures, Korean cosmetic imports almost doubled from 2014 to 2015, reaching almost 18 million Australian dollars.
Euromonitor International has emphasised the importance of brands recognising and catering to rising ethnic and cultural diversity in traditionally Western countries.
“The changing ethnic, cultural and religious mix within Western societies is having a profound impact on consumer lifestyles, shopping behaviour and company strategies,” notes the market research firm in its most recent report on global demographics.
Australia is now the most diverse country in the world according to the research firm, meaning that responding to the mix of consumer identities is now crucial for brands there.
Impact of Korean culture
Speaking recently to SBS News, University of New South Wales economist Tim Harcourt explained that Korean beauty’s huge international growth has long been a deliberate strategy for the government.
"Korea's main flagship industries include cosmetics. Even the president, President Park herself, said it was one of the main things Korea wants to do in the world. So it's been a phenomenon right around Asia, in America, and here now in Australia as well,” he said.
In the same SBS News report, Korean brand The Face Shop's Jessica Chae spoke of the international power of Korean popular culture.
"I think, in general, the popularity of the Korean pop, Korean movies, Korean drama, all of that combined, as well as the tourism, has actually made Korea more popular, bringing in customers,” she said.
Cultural diversity
The increasing diversification of countries across the globe is adding fuel to the rise of Korean beauty internationally.
In its recent report, Cultural Diversity and its Impact on Global Consumer Markets, market research firm Euromonitor International highlighted the highly diverse nature of Australia as number one globally.
“Australia has become the most diverse nation in the world, with foreign-born people accounting for 31% of its total population and a net migration rate of 9.8 per 1,000 population in 2013,” the report states.
“Asian communities are growing strongly in countries such as the US, Australia and Canada,” the firm says, noting that Australia is home to 8 million foreign-born citizens.