How South Korea’s semiconductor industry may become the global leader by 2030
As the world advances in the digital era, semiconductors have become the fuel to powering the data-driven economies – much like oil during the industrial economy of the previous century. According to Gartner, the global semiconductor market sales was worth USD 594.96 billion in 2021, a 26.3% increase from 2020. South Korea’s semiconductor industry made up about 19.3% of the […]
Korean Chaebols explained: The family-owned empires that developed South Korea
When learning about South Korea’s rapid economic transformation, one group of re-occurring characters will be the chaebols (재벌). Chaebols are the large, family-ran business conglomerates that largely dominate the South Korean economy. In 2021, the revenue of the largest ten chaebols, which include Samsung (삼성), Lotte (롯데), and LG (엘지), made up about 60% of […]
A glance into South Korea’s leading consumers: The MZ Generation
The MZ Generation (MZ세대), a term only used in South Korea, refers collectively to the Millennials (born in the early 1980s to early 1990s) and Generation Z (born in the mid-1990s to early 2000s). People belonging to this generation make up 32.5% of the population as of 2021. In South Korea, Gen Z and Millennials […]
South Korea’s perfume market: How the niche brands are winning the hearts of the MZ Gens through “Korgasms
The global market for perfumes has been increasing, and among it is South Korea’s perfume market, whose growth has been largely driven by the young consumers. In 2019, the market was worth about KRW 603.4 billion (or USD 423.0 million), and it predicted to reach to about KRW 980 billion (or USD 686.9 million) by […]
The pandemic and new trends have revitalized the dormant South Korean snack industry
The Korean snack market has recently taken off. In 2021, the size of the market was an estimated 3.7 trillion won (2.8 billion USD), up 4.5% from the previous year and it is expected to grow annually by 4.28% until 2027 This can be explained by the increasing number of people who enjoy snacking at […]
Embedded marketing in South Korea is the gateway for brands to a Korean and Global audience
As South Korea is the hot-spot of Asian dramas, embedded marketing, or product placement (PPL) is very common in the country. It is a form of indirect advertising where branded goods and services are exposed to viewers through dramas, movies, TV shows, and other productions. Though it exists in other parts of the world like […]
The Korean coffee market: Coffee is the fuel of choice for Korean white-collars and students
When thinking of Korean culture, “coffee” isn’t usually the first term to come to mind. Yet, Korean coffee consumption is on-par with Europe, with an average consumption of 12.3 cups of coffee per week (by comparison, Chinese per-capita coffee consumption is 9 cups per year, and in the US it is 21.7 cups). Although consumption […]
How Gen MZ is shifting South Korean drinking culture from after-work binges to comfortable night-ins
The South Korean drinking culture is shifting from a social activity to an at-home indulgence. In the past, many people gathered frequently – either to have dinner with friends, pay respect to ancestors during ancestral rituals, and build relationships with coworkers. However, during the Covid-19 pandemic, people have developed a new consumption pattern: they are […]
[Webinar] Korea Consumer Insights Webinar
To launch daxue consulting’s 10-year anniversary webinar series, we are sharing our first webinar on Korea market insights! Our Korea consumption trends report will be presented by our Korea research director, Min Chun, and our marketing director, Allison Malmsten. Register for our Korea consumption trends webinar Webinar agenda 0:00 Korea consumer insights, including demographics and […]
South Korea consumer trends report
After experiencing decades of rapid economic growth, South Korea has established itself as a trend-setting nation, with the Hallyu (Korea wave) spreading its pop-culture worldwide. This report on South Korea consumer trends covers three key industries of beauty, food and beverage, and travel, along with retail and digital trends that shape not only what, but […]