Polarization in Cosmetic Consumption... Increase in Ultra-Discounted Promotional Products and Premium Segment Sales

CJ Olive Young, 'Ollyeong Sale' Mid-Term Report
Special Price Product Sales... Premium Segment Also Increasing Simultaneously

[Asia Economy Reporter Cha Min-young] Amid the prolonged impact of the novel coronavirus infection (COVID-19) leading to continued consumer downturn, a polarization of recession-type consumption is also sweeping through the cosmetics market.

On the 3rd, CJ Olive Young, currently conducting its year-end settlement ‘Olive Young Sale,’ revealed this trend through interim sales aggregation.

This sale showed a polarization in consumption. While sales of special-priced products increased due to demand for purchasing essential daily items cheaply during the recession, consumers opening their wallets for premium products also increased.

Sales of planned products composed of one-plus-one (1+1) offers and additional gifts rose by 32% compared to the previous sale, proving the trend of value-for-money purchases. In the top 50 popular products, planned products accounted for more than 80% of the rankings.

Conversely, premium products with higher price points also performed well. Sales increased mainly among the 2030 generation, who are willing to spend on consumption for themselves. Sales of premium brand groups in CJ Olive Young’s official online mall ‘Premium Section’ and major large stores more than doubled compared to the previous sale.

A CJ Olive Young official stated, “Due to the impact of COVID-19, year-end consumer sentiment has contracted, leading many customers to be more frugal and practical than ever before. However, there is also a noticeable trend of boldly spending on products deemed valuable, such as those with the meaning of self-reward. Olive Young plans to strengthen its position as a shopping platform where customers can experience everything in health and beauty by offering a wide range from cost-effective small and medium brands to popular premium brands.”

Meanwhile, CJ Olive Young is holding the Olive Young Sale, offering up to 70% discounts on this year’s hit products at nationwide stores and the official online mall until the 6th.

This content was produced with the assistance of AI translation services.