K-Beauty Industry Braces for Price Hikes After Trump’s Tariffs
(MENAFN) Cars and smartphones may dominate South Korea’s exports to the US, yet no product category captures American loyalty quite like the nation’s beauty industry.
K-beauty—a broad term encompassing South Korean skincare, makeup, and cosmetics—has surged in popularity due to its combination of quality and affordability, fueling skyrocketing demand in recent years.
The global rise of South Korean culture has further accelerated the craze for these products.
Pearl Mak, a US-based graphic designer, told the media that friends introduced her to K-beauty. She finds South Korean serums gentler on her skin compared to many harsher Western alternatives. The 27-year-old now relies on K-beauty for “95% of my skincare.”
Mak’s preference reflects a wider trend: Americans are expected to spend $1.7 billion (£1.3 billion) on K-beauty products in 2024, a jump of more than 50% from the previous year, according to industry data.
K-beauty’s appeal lies not only in competitive pricing but also in its unique ingredients rarely found in Western brands, such as heartleaf and snail mucin.
Recently, US President Donald Trump introduced a 15% tariff on South Korean imports to the US, a cut from the 25% originally threatened. Still, shoppers are acting cautiously amid the new trade costs.
Santé Brand, a US-based K-beauty retailer, experienced a nearly 30% surge in orders in April, immediately after the tariff announcement.
“When the tariff announcements hit, customers got strategic with how they were going to weather the storm,” Santé Brand’s founder Cheyenne Ware told the media. “Consumers are preparing against the uncertainty.”
Similarly, Winnie Zhong, manager of another K-beauty retailer, Senti Senti, reported increased inventory orders since the tariff threats began. This week, suppliers sent alerts urging retailers to “stock up before tariffs.”
Both businesses anticipate price hikes as the tariffs raise expenses throughout the K-beauty supply chain.
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