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 […]
South Korea’s low fertility rate: Adapting to changing family dynamics with pets, kids, and eldercare
South Korea faces pressing social issues as its fertility rate continues to decline. In 2022, South Korea’s fertility rate dropped to 0.78, the lowest the country has ever seen and the lowest in the world. This alarming trend persisted when it fell even further to 0.7 in the second quarter of 2023, renewing the country’s […]
Fostering digital and physical connections with Nike in Korea
Nike made its entry into the Korean market in 1994 under the banner of “Nike Sports Korea”. In 1996, merely two years after its launch, Nike Sports Korea secured sponsorship deals with the KFA (Korean Football Association) and the Korea Republic National Football Team, solidifying its presence in the Korean sports arena. Since then, it […]
Chuseok unwrapped: A contemporary look at Korea’s Thanksgiving
Chuseok (추석), often known as Korea’s Thanksgiving, is one of the largest celebrations in South Korea. Families gather, express gratitude, and exchange gifts during this significant national holiday. While the festival occurs on the 15th day of the 8th lunar month annually, it is legally recognized as a three-day holiday, including a day before and […]
The evolving landscape of gift-giving in South Korea
Gift-giving in South Korea helps build and maintain relationships. It is a common practice to exchange gifts during holidays, birthdays, anniversaries, home visits, and other occasions. This cultural tradition not only reflects the value placed on respect and reciprocity but also serves as a tangible expression of connections that are formed through the act of […]
South Korea’s seafood market: What will happen to Korea’s favorite foods after the Fukushima waste release?
South Korea ranks among the world’s largest seafood consumers, with seafood consumption per capita of 68.4 kilograms per person in 2020. In 2023, the revenue for South Korea’s seafood market is estimated to be USD 13.98 billion, with an expected annual growth of 4.2%. However, Japan’s controversial release of Fukushima radioactive water brought split opinions […]
Co-branding in South Korea: From products to unique, fun, and shareable experiences
In the bustling world of South Korean consumer culture, co-branding has become an exciting way for brands to stand out and connect with their consumers. While not a new concept, it gained significant momentum in 2020. With companies struggling economically, they forged partnerships to create more value together. From Kpop stars teaming up with brands […]
South Korea’s automobile industry: From local beginnings to global success
South Korea has become a pivotal player on the global stage in the automotive sector, boasting a remarkable journey of growth spanning the past three decades. Rooted in a history that dates back to 1958, when the first locally assembled car rolled off the production line, the automotive industry in South Korea has evolved into […]
South Korea’s foodservice market: How consumers are reshaping the fast food sector
It is no secret that food plays a massive role in shaping the lives of many Koreans. Watching “Mukbang” (eating shows), attending “Hweshik” (company dining and drinking events), and having “Honbap” (eating alone), are common. While traditional Korean cuisine still occupies a significant portion of the culinary landscape, western influenced food is emerging in South […]
South Korea’s flagship stores: Going beyond retail and creating brand impact
South Korea, recognized as the birthplace of K-pop and Hallyu (한류), also boasts a vibrant and bustling shopping scene with fierce competition. To establish a strong presence, brands are launching flagship stores (플래그십 스토어), the primary and prestigious retail shops that embody the brand’s image, values, and products. These stores play a vital role in […]
Comparing South Korea’s Hallyu and China’s Guochao
In today’s globalized world, the influence of culture and trends from different countries has become increasingly prominent. Two noteworthy phenomena, Guochao in China and Hallyu from South Korea, have influenced consumption choices of luxury, food and beverages, fragrances, and many other goods and services. Recognizing the potential of these movements, many brands have actively embraced […]
South Korea’s funsumers: The increasing demand to make every consumption fun
When purchasing products in South Korea, there are several important criteria to consider, such as price, function, and brand reputation. However, there is an additional factor that is critical – fun – especially among the funsumers (펀슈머). The term “funsumer”, a fusion of the words “fun” and “consumer”, refers to individuals who are not only […]