South Korea

Pet care in South Korea has faced challenges amidst economic slowdown, but is expected to continue to demonstrate resilience and growth in both retail volume and current value terms in 2024. As the economy struggled and living expenses surged at the…

Although South Korea enjoys significant economic freedom, corruption amongst high-ranking officials is a blot on its political scene. Inflation is low and a trade deal could help exports, but the economy is slowing and foreign investment could be…

Personal luxury retail value sales increased by 12% in 2023 to amount to KRW22.0 trillion, supported by growth recorded by leading brand providers, such as Louis Vuitton Korea Ltd and Richemont Korea Ltd. 2023 sales growth was fuelled by individuals…

As pandemic-related social distancing regulations have been largely lifted in South Korea, and consumers have resumed activities such as returning to the workplace, there has been increasing demand for personal care appliances. The return to normalcy…

Continuing high inflation and financial constraints derived from the unstable global economy have discouraged consumer spending on discretionary items, which is set to result in slower retail volume and current value growth for personal accessories…

Paediatric vitamins and dietary supplements remains by far the largest value category within paediatric consumer health. Despite a decline in retail volume sales in 2023, heightened health awareness since the pandemic and parents’ approach to…

Packaging trends in South Korea showcase a dynamic landscape, driven by consumer preferences and environmental concerns. In the realm of gift-giving, there is a growing inclination, especially among the younger demographic, towards European fruit…

In 2024, maintaining the negative trend seen in 2023, other pet food is set to see declines in both retail volume and current value terms in South Korea. During the pandemic, there was a notable increase in the population of other pets; however, in…

Although expected to see another year of retail current value decline in 2023, chocolate-based flavoured powder drinks continues to dominate other hot drinks. These are seasonal beverages, and as a product with limited diversification in taste,…

Overall sales of other dairy products are set to continue to decline in both retail volume and current value terms in 2023. Amongst the various categories within dairy products and alternatives, other dairy was the least affected by the pandemic’s…

Oral care saw even stronger current value growth in South Korea in 2023 than in the previous few years. Consumer awareness of oral hygiene continues to grow, contributing to the healthy growth of the category in this year. Most categories within oral…

While overall smoking prevalence among the adult population continues to slowly decline in South Korea, demand for NRT smoking cessation aids is further falling, in line with pre-pandemic trends. NRT smoking cessation aids lost consumers’ interest…

The global economy is facing weaker growth and increasing fragmentation, as a result of rising geopolitical tensions, especially due to the war in Ukraine and the US-China strategic rivalry. Protectionism, industrial policy and a focus on resilience…