South Korea: Consumer Profile
With the world’s lowest fertility rate, South Korea faces a steadily aging population and a projected population decline in the coming decades. As solo living grows in popularity, single-person households are now the most common, leading to rising number of households and higher demand for housing. Amid these changes, South Korea is anticipated to uphold a robust middle class and maintain low income inequality across its society, with among the lowest unemployment rates globally.
...
Euromonitor's South Korea: Consumer Profile 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 Economy 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
- Key findings
- Key drivers affecting consumers in South Korea in 2023
- How developments today shape the consumers of tomorrow
- With birth rate at a global low, immigration becomes the key driver of population growth
- South Koreans invest in wellness through vitamins, supplements and stress reduction
- While Gen X maintains dominant role, Generations Alpha and Z are set to grow in prominence
- Depopulation pressures lead Busan to launch initiatives aimed at reversing the decline
- Opportunities for growth
- Monami offers custom-making services for writing instruments to attract Gen Z
- The majority of single person households in South Korea to consist primarily of seniors
- Housing demand fell post-pandemic but is set to recover as the number of singletons rises
- By 2040, the average household head is projected to be a man over the age of 60
- With top-tier infrastructure and a tech-savvy population, South Korea leads in internet access
- LG ThinQ UP 2.0 supports “ servitisation ” in smart home appliances
- One third of respondents plan to cut spending next year due to rising living costs
- Most South Koreans hold back on spending, yet Baby Boomers lean towards spending more
- Income gains are to persist at a moderate pace, but gender income gap will fail to close
- Despite high expenditure on housing, discretionary spending to rise as incomes increase
- INSPIRE Mall’s immersive art exhibit transforms shopping into a memorable experience
- Key findings of consumer survey
- Older cohorts more willing to pay extra for healthy food, while younger ones focus on taste
- South Koreans are taking efforts to balance budgets with desire to maintain their lifestyles
- With negative climate change effects already evident, Koreans become more climate-aware
- Financial concerns remain prevalent as savings have depleted over the recent years
- South Koreans seek better work-life balance, shifting from rigid work culture
- Vestiaire Collective provides affordable luxury alternatives to fast fashion in South Korea
- Key takeaways
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook