Convenience stores in South Korea: transcending the mere label of convenience
Convenience stores in South Korea are continuing to grow, surpassing 50,000 stores in 2022. CU, GS25, and 7-Eleven are three of the biggest convenience store chains in the country. With these three leaders, the market size for convenience stores in South Korea is expected to be USD 25.08 billion in 2023, marking an estimated growth […]
Beyond rankings: the course of ESG in China towards Common Prosperity
In recent years, Environmental, Social, and Governance (ESG) considerations have emerged as pivotal elements reshaping the landscape of corporate practices and investment strategies globally. This transformation is notably pronounced in China, which is witnessing a significant surge in ESG awareness and implementation. According to a survey of 262 executives from Chinese listed companies, over half […]
Keeping up with trends in the highly sensitive fashion industry in South Korea
In the fashion industry in South Korea, staying in tune with trends is crucial. South Korea consumer trends evolve rapidly, requiring businesses to adapt swiftly to changing preferences. The 20s to 30s age group, in particular, shows remarkable sensitivity to fashion trends compared to other age groups. Specifically, the trend awareness scores for women in […]
Beyond Kimchi: South Korea’s dairy market impacts dietary preferences
South Korea’s dairy consumption has been increasing gradually for the past ten years. With rising demand for dairy products, the nation’s dairy import has increased from USD 211.66 million in 2017 to USD 369.63 million in 2022. Followed by the increasing popularity of Western dining and awareness of the health benefits associated with dairy products, […]
Southeast Asia’s luxury market: a rising star on the luxury map
The luxury market in Southeast Asia is often overlooked compared to China, Japan, and South Korea. However, the luxury market in this region is on the rise. It generated USD 14.38 billion in revenue in 2022 and is expected to continue to grow. The ASEAN comprises 10 member states, six of which, namely Singapore, Thailand, […]
“Why are young people starting to be against involuted shopping?”: trending hashtag on Chinese social media
Due to the increasing sentiments of anti-consumerism and anti-involution among young Chinese people in recent years, e-commerce platforms and livestreamers are competing against one another more fiercely than ever to boost sales, often offering large discounts and promotions. For instance, during this year’s Double 11 shopping festival, China’s top beauty influencer Li Jiaqi found himself […]
“Is there still a need for the Double 11 shopping festival to exist?”: trending hashtag on Chinese social media
The Double 11 shopping festival, or Singles’ Day, first introduced by China’s e-commerce giant Alibaba in 2009, has become the biggest shopping festival in China as well as worldwide, surpassing America’s Black Friday and Cyber Monday by a substantial margin. However, recent years have witnessed a waning enthusiasm among Chinese consumers, attributed to factors like […]
The shifting honeymoon market in China: fewer marriages, more personalized travel
In China, going on a honeymoon has become a common practice for newlywed couples. The honeymoon market in China has undergone significant transformations in recent years, influenced by shifting perspectives on marriage, evolving travel preferences, and the disruptive impact of COVID-19-related travel restrictions. This combination of factors has brought about a noticeable change in the […]
PayPal in China: Aiming for a slice of the cross-border transactions market
Born in California in 1998 under the name of “Confinity”, PayPal is an online payment system which allows users to send and receive money around the world after associating a credit card or bank account. The platform has the record for the world’s first digital payment platform, and the it’s the oldest which is still […]
Korean chaebols explained: The family-owned empires that developed South Korea
When delving into South Korea’s remarkable economic transformation, chaebols (재벌) are a recurring and prominent group of players. South Korean chaebols are large, family-ran business conglomerates that largely dominate the Korean economy. In 2021, the top ten chaebols, including Samsung (삼성), Lotte (롯데), and LG (엘지), collectively contributed nearly 60% to the nation’s GDP. Even […]
China’s fragrance market: daily life embraces scents, from wearables to cars and homes
The fragrance market in China has experienced significant growth in recent years. In 2022, it reached RMB 16.9 billion, and forecasts suggest it will surge to RMB 38.7 billion by 2026. In 2021, the fragrance penetration rate in China stood at a mere 5%, a marked contrast to the United States (50%) and Europe (42%). This significant […]
Adapting to the rational consumption trend among Chinese consumers
In recent years, a rational consumption trend has emerged in China’s consumer landscape—a departure from impulsive and excessive spending towards a more thoughtful and considered approach to consumption. In a dynamic Chinese market characterized by an increasing number of promotional events, it becomes imperative for brands to comprehend this shift in consumer behavior. With one […]