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 […]
Streaming platforms in South Korea: a fierce competition between foreign and domestic players
Content is king in South Korea’s influencer marketing
Influencer marketing refers to the collaboration of influencers to market branded products and services. Interacting with people and buying items online has long become the new normal, contributing to the growth of influencer marketing worldwide. The estimated global market size of influencer marketing was USD 16.4 billion in 2022, twice the size it was in […]
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 […]
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 […]
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 […]
South Korea’s luxury goods market: Old foreign brands and new domestic brands compete over “flex” consumption
Korea’s luxury goods market is the seventh largest in the world. In 2021, the market was worth USD 5.8 billion, and by 2024, it is projected to grow beyond USD 7 billion. Some of the reasons Korean consumers are showing greater interest in luxury include retaliatory consumption and travel restrictions. Another driver is “flex” consumption, […]
South Korea Travel Trends Report
The number of Korean travelers is returning to normalcy, but consumer habits will never be the same. From destinations, to lodging, and even the rise of online travel, this South Korea Travel Trends report exposes the up and coming trends. Download to learn: Key Stats: Tourism in South Korea is growing with the impact of […]