South Korea’s furniture market: Is furniture the new fashion?
As people in South Korea spend more time at home doing activities beyond just eating and sleeping, there is growing attention to furniture products. South Korea’s furniture market is witnessing growth, with a market worth of USD 3.8 billion in 2023 and projected to experience a CAGR of 4.18% from 2024 to 2029. Read our […]
Medical tourism in South Korea: What makes it a premier destination for global patients?
Medical tourism, the act of seeking medical treatment abroad for better value or superior quality compared to what is available domestically, has experienced notable growth in recent times, particularly in the Asia-Pacific region. Medical tourism in South Korea has surged alongside the popularity of K-beauty and the Hallyu wave. It has emerged as one of […]
Digitalizing the gift card market in South Korea: Extending influence across industries and generations
In South Korea, traditional family occasions like Chuseok and Seollal, once reserved for gatherings and gift-giving, are seeing a shift. With improved communication and accessibility, people are attending these gatherings less and opting to send gifts via gift cards instead. This shift has fueled robust growth in the gift card market in South Korea, with […]
Boycotts in South Korea: to what extent does it impact brands?
Boycotts in South Korea has become a powerful tool wielded by consumers to voice their dissatisfaction, demand answers, and influence company policy. Consumers are increasingly leveraging their purchasing power as a form of activism, choosing products based on social responsibility and an organization’s ethical position in addition to features like price and quality. Due to […]
The flourishing bread market in South Korea: Is bread the new staple food?
Rice has traditionally been a staple in Korean cuisine for centuries. However, in recent years, there has been a significant shift in consuming bread, reflecting changing dietary preferences and lifestyle trends. This shift has led to the emergence of a vibrant bread market in South Korea, alongside the rice market. Read our Korea’s MZ Generation […]
Gentle Monster: A local eyewear brand goes global with creative luxury experimentation
Established in 2011 by Hankook Kim, Gentle Monster has swiftly ascended as a South Korean brand acclaimed worldwide for its chic eyewear and groundbreaking designs. Featuring surreal, exclusive, and futuristic eyewear, the brand has garnered a diverse array of consumers both domestically and internationally. While originally crafted to cater to Asian facial features, its innovative […]
Decathlon in Korea: varied offerings, strategic store locations, and affordability
Decathlon is a French sporting goods retailer that has found success not only in its home country but also internationally, including in China. It entered Korea’s athleisure market by opening its first 7,800-square-meter store in September 2018. It opened its store in Seongdo, a sports city west of Seoul known for its numerous parks and […]
Webtoons market in South Korea: Expanding into Netflix series, games, and beyond
South Korea, renowned for its diverse cultural exports ranging from K-pop and K-dramas to cuisine and beauty products, has another sector gaining global attention: the webtoons market. Webtoons, digital web comics originating from South Korea, have been increasingly popular both domestically and globally. With the digitalization of various industries and the widespread use of smartphones, […]
The hotel industry in South Korea: A haven of experiential delights for locals and visitors
The hotel industry in South Korea has been significantly shaped by the fascination with South Korea’s Hallyu. Initially bolstered by a surge in tourist interest, hotel businesses flourished, only to face a substantial setback following the COVID-19 outbreak, resulting in a sharp decline in revenue from KRW 9.19 trillion in 2019 to KRW 5.98 trillion […]
South Korea’s health functional foods market: becoming daily essentials
Amid South Korea’s aging population and growing health consciousness, health functional foods (건강식품) have significantly influenced the nation’s dietary landscape. Health functional foods (건강식품), as defined by the Ministry of Food and Drug Safety, are dietary supplements containing functional ingredients beneficial or nutritious for the body. These products are witnessing rapid growth as consumers prioritize […]
Generative AI in South Korea: How companies are tapping into the uncertain yet lucrative services frontier
Generative AI, especially OpenAI’s ChatGPT, gained remarkable attention in 2023. GPT-4, a high-capacity language model released in March 2023, exceeded USD 1.6 billion in revenue, indicating a lucrative market attracting globa interest. While OpenAI has initially held a strong market presence, other high-tech companies are beginning to enter the AI market. Read our Korea’s MZ […]
Is there a future for AliExpress and Temu in South Korea?
South Korea stands tall among the top ten e-commerce markets in the world. Joining this dynamic landscape are AliExpress and Temu, relatively new e-commerce entities stemming from Alibaba Group Holding and Pinduoduo (PPD), respectively—two of China’s largest e-commerce companies. These platforms aggregate small businesses in China, providing them with opportunities to reach international e-commerce markets […]