Market research on consumer products, commercial industries, demo...
Market research on consumer products, commercial industries, demographics trends and consumer lifestyles in South Korea.
In 2022, health and wellness hot drinks in Korea saw a trend towards consumers looking to reduce potentially harmful ingredients, rather than adding extra benefits. This led to growing consumer demand for better for you products, such as low/no sugar…
Increasing media coverage about high consumption of sugar, fat and salt raising the chances of conditions such as cardiovascular disease, type 2 diabetes, and even cancer, has increased demand for products low in these ingredients. Concerns about…
During the pandemic, South Korean consumers became more conscious of the need for healthy hydration and the reduction of sugar consumption. This led to dynamic growth for natural bottled water and “water-like” natural RTD tea. Although decline was…
The idea of health and wellness varies at a category level within staple foods. For instance, high fibre products that use whole grains have a strong position in rice, baked goods, and breakfast cereals. Sales of grain-added rice, such as brown rice,…
In 2023, hypermarkets in South Korea faced even slower current value growth than in the previous year, along with a continued decline in outlet numbers, encountering a combination of changing consumer habits and difficult economic conditions. A…
In 2024, ice cream in South Korea is expected to see trends similar to the previous year, with low retail volume growth and more dynamic current value growth. Consumer spending patterns reflect a growing preference for premium and healthier ice cream…
Raw materials shortages and supply chain disruptions caused by geopolitical issues (e.g., global semiconductor chip shortage, war in Ukraine) resulted in delays in the production of digital cameras and subsequently a decline in retail volume sales in…
Aftermarket sales of in-car navigation systems are set to continue to see significant declines in retail volume and current value terms in 2023, as these products are being replaced by high-tech built-in navigation systems, as well as smartphones. As…
Demand for jeans continues to grow in 2023, driven by the ongoing popularity of street casual. The beginning of the endemic era in South Korea and consumers’ increasing outdoor activities are also helping to boost demand for durable jeans. The…
Ongoing high inflation and economic difficulties have been discouraging consumer spending on luxury products and discretionary items, including jewellery. Nonetheless, despite the expectation of a slight decline in retail volume terms, in current…
Juice has long been experiencing a decline in its popularity, with off-trade volume sales falling for over 10 years, and this set to continue in 2023. Once synonymous with a premium image, juice has lost customers to freshly squeezed juice due to its…
Demand for large cooking appliances continues to experience decline in 2023, resulting from economic instability and a real estate slowdown that has persisted from the previous year. Local consumers are choosing to continue using their existing large…
Laundry care witnessed a stronger performance in retail volume and current value growth in 2023. Many products experienced price increases due to inflation, whilst the heightened levels of hygiene post-pandemic further accelerated the release of…
In alignment with the trends observed in 2022, the majority of limited-service restaurants (LSRs) witnessed a surge in menu prices during 2023, which was attributed to the repercussions of escalating raw materials costs and labour expenses. In 2023,…
As in previous years, an increasing number of hotels new to South Korea are emerging. Among them, some are international brands, some are the expansion of established brands, while others are domestic names.
Retail value sales of luxury goods in South Korea rose by 18% in 2023 in current terms, to stand at KRW50.7 trillion. A combination of consumer indulgence, the release of pent-up demand, and the resumption of key activities, including travelling,…
Although growth slowed from the previous year, mass beauty and personal care maintained solid current value growth in South Korea in 2023. Mass colour cosmetics and general purpose body care were amongst the categories that saw healthy growth. Mass…
Category players are customising their products to cater for various formats demanded by consumers sensitive to new lifestyle trends, such as South Korea's millennials and Generation Z, to maximise convenience. For instance, one of the habits among…
Total meals and soups packaging volumes continued to see a dramatic rise in 2023. Flexible plastic was the leading pack type in meals and soups packaging in South Korea in 2023, used across most categories, as this offers functionality, convenience,…
Men’s grooming maintained solid current value growth in South Korea in 2023. However, sales of premium men’s deodorants and premium men’s hair care products continued to be negligible, primarily because demand remains within the mass segment in these…
While overall volume sales in menstrual care in South Korea may have shown a slight dip in 2023, a dynamic transformation is quietly unfolding. Closer examination reveals a notable surge in the demand for alternative products such as tampons,…
Menswear continues to post healthy current value sales growth, as South Korea fully entered an endemic era from May 2023. Followed by the lifting of social distancing measures in 2022, the South Korea government lifted the mask mandate in April 2023…
South Korea experienced a 3.7% inflation rate in September 2023, the highest in five months since April. This increase follows a peak inflation rate of 6.3% in July 2022, which then gradually decreased to 2.3% by July 2023. As the cost of living…
Retail volume sales of smartphones declined in 2022, and this is set to continue in 2023. In 2021, sales of smartphones saw a dynamic volume increase, partly due to a rebound from the 2020 fall in sales, when COVID-19 disrupted the production and…
In 2023, the government reformed its electric vehicles subsidy plan, considering factors like price, vehicle performance, warranty infrastructure and battery energy. This is set to boost the electric vehicle market, especially favouring local brands.…
In the face of persistent declines in the birth rate, companies within nappies/diapers/pants in South Korea are confronted with unique challenges. To counteract these demographic hurdles, businesses are strategically leveraging the premiumisation…
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…
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…
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…
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,…
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…
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…
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…
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…
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…
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…
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…
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…
In 2024, pet products in South Korea is set to maintain the trend seen in 2023, displaying overall resilience, but each category exhibiting its own growth trajectory. Cat litter, for example, is expected to see continued consistent and robust…
Plant-based dairy experienced a notable increase in sales over the review period, and this is set to continue in 2023. In South Korea, plant-based dairy is primarily dominated by plant-based milk, as plant-based yoghurt and cheese are still in their…
Within plant-based dairy in South Korea, plant-based milk was the only category with notable packaging volumes in 2023, as plant-based yoghurt and cheese are still in their early stages of development. Brick liquid cartons is the preferred pack type…
Shoe polish is the largest category in polishes and faced a weaker performance in 2023 following the strong rebound in sales during 2022. Demand for shoe polish rebounded strongly in 2022, as professionals returning to offices opted for formal attire…
Overall demand for portable players is expected to increase in 2023, but most categories are set to maintain retail volume declines, and growth will be driven solely by the dominant wireless speakers category. In addition to use within the home, in…
In 2022, South Korea witnessed growth in both the issuance and usage of pre-paid cards in line with greater mobility outside of the home. Shinhan Card, in particular, played a role in driving this growth, reporting a remarkable increase in the retail…
Value sales of premium and luxury cars rose by 23% to total KRW28.0 trillion in 2023, as more higher-income consumers in South Korea opted to buy a new luxury vehicle despite macroeconomic headwinds. Wealth determines the degree of demand that exists…
Premium beauty and personal care maintained solid but slowing current value growth in South Korea in 2023. Within premium beauty and personal care, fragrances, BB/CC creams, hand care, and lipstick demonstrated robust growth, amongst others. These…
The rise in single-person households in South Korea is leading to a growing trend towards practical and portioned consumption patterns. Many local consumers seek convenient options that align with their busy lifestyles, and frozen processed fruit and…
Total processed and fruit and vegetables packaging volumes maintained slow, stable growth in 2023. Within frozen processed potatoes, flexible plastic was the only pack type with notable packaging volumes in South Korea in 2023, due to its…
Total packaging volumes declined in processed meat and seafood for a second year in South Korea in 2023, although this was a continued normalisation process after the pandemic, and volumes remained higher than in 2019. Chilled processed meat…
Amid the growing climate change crisis, local interest in eco-friendly practices has risen significantly, aligning with value-based consumption. To reflect this trend, players in processed meat, seafood and alternatives to meat in South Korea are…