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Fingernail salons, which first appeared in Korea in 1995, have developed into a veritable industry. Some 3,000 operate nationwide, employing 45,000 ¡°nail artists¡±, and the volume of the market has grown to W300 billion (about US$300 million). That success is only a small part of the beauty industry, which is riding a boom despite the recession.
Another example is cosmetic surgery. The number of plastic surgeons surged 400 percent from 276 in 1990 to 1,102 last year, an eye-popping jump given that the total number of doctors increased only 271 percent in the same period. The volume of the cosmetics and beauty market is estimated at W5.3 trillion this year, with the country¡¯s 7,000 or so beauty parlors estimated to be worth W1.2 trillion.
To grow, the industry must now target younger and younger consumers. Stores selling low-priced cosmetics brands like the Face Shop and Missha are full of teenage girls on weekends.
Experts attribute the prosperity of the beauty industry to a national obsession with appearance fueled by the media. As people crave looks and a body shapes as fantastic as those of the stars, big bucks are to be made in the field. The number of registered gyms reached 5,701 last year.
Another reason for the growth of the beauty industry is excessive competition in the medical sector. Plastic surgeon Shin Yae-sik says people can now get Botox injections or facelifts at obstetrics and pediatrics clinics, while some doctors recommended unnecessary plastic surgery to attract patients.
Industry insiders estimate the volume of the entire beauty industry?plastic surgery, cosmetics, diet and fitness centers?at over W10 trillion, far exceeding the runner up, private tuition, with W7 trillion. Dermatologist Ham Byung-ik expects it to keep growing as the beauty myth continues as powerful as ever in Korea.
(englishnews@chosun.com )
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