Megatrends in South Korea
This Megatrends report highlights long-term trends resulting from shifts in consumer values and behaviour. It provides a summary of each of Euromonitor International’s 10 focus megatrends and insights as to how each trend has manifested in South Korea.
Euromonitor's Megatrends in South Korea report analyses factors influencing national consumer expenditure. Consumer lifestyles reports include coverage of: population, urban development, home ownership, household profiles, labour, income, consumer and family expenditure, health, education, eating habits, drinking habits, shopping habits, personal grooming, clothing, leisure habits, savings and investments, media, communication, transport and travel and tourism. Use this report to understand the factors influencing a nation's lifestyle choices.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
* Get a detailed picture of the Megatrends market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop.
- Scope
- Businesses harness megatrends to renovate, innovate and disrupt
- The drivers shaping consumer behaviour
- Megatrends framework
- Convenience is king for Koreans
- Convenience
- Hy diversifies into food delivery with Knowk app
- Millennials are more inclined to spend money to save time
- Consumers strive for a better work-life balance
- Millennials value instant access to purchases
- Online shoppers enjoy the flexibility of e-commerce
- Consumers seek convenient meal solutions
- Digital living
- Samsung rolls out AI-powered smart ring
- Gen Z enjoy playing video games the most
- Internet users are eager to protect their personal data
- Baby Boomers are the most averse to targeted advertising
- Koreans still rely on personal connections for advice
- Many Koreans expect more face-to-face interactions in future
- Diversity and inclusion
- Tinder campaign encourages Gen Z daters to be authentic and expressive
- Koreans are reluctant to voice their opinions
- Baby Boomers are the most socially active cohort
- Koreans remain socially conservative
- Brand trust matters to Koreans but less so than to their global peers
- Experience more
- Seoul launches the world’s first comprehensive urban metaverse
- The experience economy continues to flourish
- Quality dining is highly important to Korean travellers
- Baby Boomers are the most likely to seek engaging experiences when shopping
- Personalisation
- AmorePacific launches in-store AI technology to tailor products to individual skin tones
- Millennials are the most appreciative of digital experiences
- Baby Boomers want bespoke experiences
- Premiumisation
- Starbucks Korea launches its “Reserve-only” concept in Seoul
- Millennials are the most eager to stand out from others
- Koreans take the time to research products thoroughly before buying
- Nutrition and taste are crucial food qualities for consumers
- Pursuit of value
- Kream tackles “ phoneflation ” with the launch of a used smartphone platform
- Gen X are the most frugal cohort
- Most shoppers are still worried about high living costs
- Thrifty and eco-conscious consumers support the circular economy
- Gen Z are most intent on saving money
- Shopper reinvented
- Coupang rebrands its luxury beauty app as R.LUX with enhanced features
- Gen Z consumers put their trust in celebrities
- Consumers enjoy a blend of offline and online shopping experiences
- Social commerce is taking off
- Younger consumers engage most with brands on social media
- Sustainable living
- Korean firm Futurefear innovates with award-winning vegan puffer jacket
- Consumers adopt greener lifestyles in response to climate change
- Koreans take recycling seriously
- Cutting down on food waste and plastic use are the most pressing environmental concerns
- Koreans are more likely to boycott brands than their global counterparts
- Compostability is considered the most important sustainable packaging feature
- Wellness
- Dong-A Pharmaceutical forays into pet dietary supplements
- Growing incidence of insomnia drives demand for sleep aids
- Health supplements are widely consumed
- Consumers are highly aware of personal safety outside the home
- Leverage the power of megatrends to shape your strategy today
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