“Meaning out” through eco-friendly consumption in South Korea
Eco-friendly consumption in South Korea goes beyond addressing global warming or preserving the environment; it involves consumers expressing their values through their choices. This shift has led to a substantial increase in eco-friendly consumption, soaring from USD 1.15 billion in 2001 to 22.98 billion in 2020. Read our Korea’s MZ Generation report Koreans are increasingly […]
How the MZ Generation is redefining future relationships in South Korea
The MZ Generation (MZ세대) encompasses Millennials and Gen Z, a term specific to Korea. Amid the rapidly aging population and low fertility rate, their demographic influence is not only expanding in proportion to the overall population but is also shaping relationships in ways that impact their interests, desires, and behaviors. This report delves into how […]
Louis Vuitton in South Korea: Where luxury meets K-culture
Louis Vuitton is a renowned French luxury fashion and leather goods brand, established in 1854 by fashion designer and skilled craftsman Louis Vuitton. The company initially gained recognition for crafting high-quality flat-topped trunks, which were innovative and set new standards in luggage design. In 1991, Louis Vuitton entered the South Korean market with its inaugural […]
South Korea’s pet industry: from companion animals to family members
With approximately 25.4% of South Korean households raising pets in 2022, the pet industry reached USD 2.8 billion in 2021 and is expected to further grow. The government has also announced to invest in different pet related sectors. It aims to expand South Korea’s pet industry to USD 11.5 billion by 2027. In addition, a […]
Christmas in Korea: Resembles the West’s Valentine’s Day more than Christmas
Christmas in Korea is one of the major holidays of the year, although it’s not celebrated as widely as it is in many Western countries. It is observed as a public holiday, with Christmas trees, cakes, and carols adorning many places. Christians make up about one-fifth of Korea’s population, and while many celebrate Christmas at […]
South Korea’s travel industry: Exploring novel experiences such as farming and workcations
South Korea’s travel industry has witnessed a significant shift as more locals opt for domestic travel. South Koreans are favoring lesser-known destinations over traditional tourist spots, reshaping travel preferences and offering the local tourism sector opportunities to promote hidden gems and unique experiences. Read our Korea’s consumer trends report Travel themes: Unveiling travel experiences in […]
South Korea’s rapidly aging population: The emergence of “active elders” and their consumption habits
In South Korea’s aging population, people have started to pay more attention to the consumption habits of the elderly. Industries ranging from healthcare, leisure, retail, and technology are being influenced by the emergence of “active” seniors. Analyzing the elderly consumption habits not only provides valuable insights into the nation’s shifting market dynamics but also unveils […]
South Korea’s gaming industry surpasses K-pop in global content exports
South Korea ranks as the fourth largest gaming market in the world. With a market size of USD 16.3 billion in 2021, it is behind the United States, China, and Japan. Games have become an important export sector for the country. They made up almost 70% of the total contents exported, including K-pop music, movies, […]
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 […]
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, […]
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 […]