South Korea: Consumer Profile

October 2024

With the world’s lowest fertility rate, South Korea faces a steadily aging population and a projected population decline in the coming decades. As solo living grows in popularity, single-person households are now the most common, leading to rising number of households and higher demand for housing. Amid these changes, South Korea is anticipated to uphold a robust middle class and maintain low income inequality across its society, with among the lowest unemployment rates globally.

EUR 1,375
Request More Information

Delivery: 

Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).

This report comes in PPT.

Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in South Korea report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in South Korea report answers:

  • How consumers in South Korea are changing? 
  • What are key changes in South Korea population, society and generational structure and how it is affecting businesses?
  • What is the household structure in South Korea and how it is changing consumer landscape?
  • What are key income groups in South Korea? What is the outlook for the future?
  • Where consumers are  spending the money in South Korea? 
  • How is the consumer mindset in South Korea changing?
  • In South Korea, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in South Korea?

Buy Consumer Profiles  reports to:

Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.

Download Table of Contents
Scope
Key findings
Key drivers affecting consumers in South Korea in 2023
How developments today shape the consumers of tomorrow
Today 2023: Almost half of the population concentrated in South Korea’s capital, Seoul
With birth rate at a global low, immigration becomes the key driver of population growth
South Koreans invest in wellness through vitamins, supplements and stress reduction
Tomorrow 2040: Shrinking population driven by low birth rate and limited migration
While Gen X maintains dominant role, Generations Alpha and Z are set to grow in prominence
Depopulation pressures lead Busan to launch initiatives aimed at reversing the decline
Opportunities for growth
Monami offers custom-making services for writing instruments to attract Gen Z
Today 2023: Singleton households are the most common yet spend the least
The majority of single person households in South Korea to consist primarily of seniors
Housing demand fell post-pandemic but is set to recover as the number of singletons rises
Tomorrow 2040: Childless households is the only household type to rise in number
By 2040, the average household head is projected to be a man over the age of 60
With top-tier infrastructure and a tech-savvy population, South Korea leads in internet access
Opportunities for growth
LG ThinQ UP 2.0 supports “ servitisation ” in smart home appliances
Today 2023: Inflation has eased, but financial concerns proliferate as prices remain elevated
One third of respondents plan to cut spending next year due to rising living costs
Most South Koreans hold back on spending, yet Baby Boomers lean towards spending more
Tomorrow 2040: Urban-rural income gap is expected to close
Income gains are to persist at a moderate pace, but gender income gap will fail to close
Despite high expenditure on housing, discretionary spending to rise as incomes increase
Opportunities for growth
INSPIRE Mall’s immersive art exhibit transforms shopping into a memorable experience
Key findings of consumer survey
Older cohorts more willing to pay extra for healthy food, while younger ones focus on taste
South Koreans are taking efforts to balance budgets with desire to maintain their lifestyles
With negative climate change effects already evident, Koreans become more climate-aware
Financial concerns remain prevalent as savings have depleted over the recent years
South Koreans seek better work-life balance, shifting from rigid work culture
Opportunities for growth
Vestiaire Collective provides affordable luxury alternatives to fast fashion in South Korea
Key takeaways
Share:

NEW REPORT GUARANTEE

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!

© 2024 Euromonitor is privately owned & trademarked. VAT No. GB: 239-2559-40 Registered in England No. 1040587
;