This Year's Olive Young H&B Keyword is 'M.O.V.I.N.G'... What About Next Year?

'2020 Olive Young Awards' Online Press Conference
Held via Non-Face-to-Face Live Broadcast

[Asia Economy Reporter Minyoung Cha] CJ Olive Young explained the impact of the novel coronavirus disease (COVID-19) on the health & beauty (H&B) market and presented 'M.O.V.I.N.G' as this year's trend keyword. It predicted that next year, 'healthcare' will become a core keyword permeating overall consumer life, moving beyond traditional categories.

Non-face-to-face Press Conference Held

On the morning of the 23rd, CJ Olive Young announced this at the '2020 Olive Young Awards' online press conference. The conference was conducted via live broadcast in a non-face-to-face (untact) manner, attended by Marketing Manager Heo Jisoo, Beauty Business MD Hong Yejin, Health Business MD Jang Soyeon, and MD Business Director Jin Sehoon.

The keyword MOVING representing 2020 is an acronym of the first letters of English words indicating ▲ changes in the beauty market due to Masks ▲ purchasing through all (Omni) channels crossing online and offline ▲ value consumption (Value Consumption) based on personal values and beliefs ▲ increased importance of health (Inner Beauty) ▲ protection from harmful external environments (No-harm) ▲ and the phenomenon of reduced boundaries between generations and genders (Gap-less).

First, Olive Young revealed that with mask-wearing becoming routine, sales of skincare products containing soothing ingredients increased. In color cosmetics, products with 'lasting power' that prevent transfer onto masks gained attention.

As consumers checked and purchased products across various channels, demand for immediate delivery also rose. CJ Olive Young's immediate delivery service 'Oneul Dream' orders increased 15 times from January to October compared to last year. This service, launched before the COVID-19 outbreak, experienced explosive growth in the untact era.

Among the 2030 generation, there is a tendency to express personal values or beliefs through consumption, and in cosmetics, an eco-friendly and animal protection-conscious atmosphere is emerging. This means consumers are embedding values about the environment and society into their purchases.

This year, the importance of health management was especially highlighted, with health food sales increasing by more than 30% from January to October compared to last year. Unlike the previous dominance of red ginseng, vitamins, and probiotics, products emphasizing specific functional improvements such as lutein, collagen, and hyaluronic acid were strengthened. Besides masks, consumer interest in various hygiene products such as hand sanitizers and oral care items also increased.

As generational and gender barriers break down, the number of 2030 consumers seeking anti-aging products has increased, while in the middle-aged-dominated hair loss market, women in their 20s have emerged as a major consumer group. Additionally, male customers seeking so-called 'dermocosmetic' products, cleansers, and mask packs have increased, with color lip balm ranking second in the 'men's care' category.

Next Year’s Public Interest Also 'Health'... Importance of Healthcare Increases

CJ Olive Young confirmed these trends based on 110 million customer purchase data this year and predicted they will continue next year. Especially, the value placed on health, previously limited to those in their 40s, is expected to be more widely appreciated among the core 2030 customers of CJ Olive Young, regardless of product category. Accordingly, interest in healthcare is expected to intensify.

Jin Sehoon, MD Business Director at Olive Young, said, "Next year's merchandise planning (MD) strategy aims to maintain Korea's number one beauty channel," adding, "In the health sector, we plan to lead health lifestyle trends with the catchphrase 'Better habits, better daily life.'"

He continued, "Brands with sincerity and philosophy, like those in the clean beauty campaign, are expected to grow, and functional hair and body products are likely to lead trends. Diversification of base makeup and eye makeup is also expected to continue," he forecasted.

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