The Economic Effects of the Home Beauty Device Industry in Korea: An Input-Output Analysis

As global populations age, interest in well-being, beauty, and health enhancement has increased, leading to growth in the home beauty device market. This study investigates the economic impacts of the home beauty device industry in Korea by employing an exogenous demand-driven model based on the latest 2020 Input-Output (IO) table. The analysis reveals that the home beauty device industry generates a production-inducing effect of 1.7078 KRW and a value-added creation effect of 0.9352 KRW for additional 1 KRW increase in industry output. Moreover, the industry is associated with employment- and labor-inducement effects of estimated 5.4240 and 4.4589 persons, respectively, for every 1 billion KRW increase in output. However, the inter-industry linkage effects, encompassing both forward and backward linkages, are relatively small compared to other industries. These findings provide valuable quantitative insights for policymakers and stakeholders to help develop strategic initiatives that support and enhance the growth potential of Korea’s home beauty device industry.