Housewares And Home Furnishings in South Korea
Euromonitor International's Housewares And Home Furnishings in South Korea market report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, packaging innovations, economic/lifestyle influences, distribution or pricing issues. Forecasts illustrate how the market is set to change.
Tables: 44 | Publication date: Nov 2009
Why buy this report
- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive environment
Product coverage
Home furnishings; Housewares
Executive summary
Disappointing Market Performance in 2008
2008 was a dull period compared to the more prosperous 2007. Koreans have become thriftier in their spending due to a decline in their real incomes following increased economic stagnation as a result of the global financial crisis since the second half of 2008. The recession caused a decrease in the number of weddings and moving of homes, which used to drive a large demand for the market. Consumers reduced consumption of durable goods, which caused a rapid drop in the furniture market. This was a reason for an overall decline in housewares and home furnishings despite growth of other subsectors because the furniture market accounts for more than a half of the total market value.
A Growth of Housewares Due to Concern on Food Safety
Housewares in South Korea saw a considerable growth in 2008 and was not affected by the economic slump and overall stagnation that was witnessed in many other industries. This was because consumers became more concerned about food safety due to several food scandals that occurred in 2008. The recession also helped sales of housewares as consumers reduced eating out and tended to cook and eat at home. Cookware and tableware and crockery are the fastest growing subsectors due to increased demands for home cooking and baking tools.
Environment-friendly Products Drive the Market
Both government policy and consumer needs have become a catalyst to the expand environment-friendly products market. The Korean government has been actively promoting the ‘low carbon green growth’ policy since August 2008, which formed an atmosphere that both enterprises and consumers should care more about the environment and seek eco-friendly products. Concerned about safety, consumers tend to buy products made of materials harmless to the human body.
Local Brands Are Challenging the Global High-end Brands
The recession drove the market polarisation, which divided major players into two groups: high-end and low-/mid-end. While private brands of discounted stores and other retailers dominate a low-/mid-end market, traditional local players are trying to take more market share in the high-end market, which is mostly dominated by global high-end brands, through launching new product lines or brands.
The Market Will Recover to Grow Over the Forecast Period
As the economic depression is forecast to continue in 2009, it will be hard for the industry to expect a prosperous year because furniture will continue to see a sharp decline. However, the Korean economy is forecast to recover from 2010, when consumption on durable goods will revive. Then, the market will see a sound growth driven by increasing consumer needs on environment-friendly products.
Table of contents
HOUSEWARES AND HOME FURNISHINGS IN SOUTH KOREA : MARKET INSIGHT
EXECUTIVE SUMMARY
Disappointing Market Performance in 2008
A Growth of Housewares Due to Concern on Food Safety
Environment-friendly Products Drive the Market
Local Brands Are Challenging the Global High-end Brands
The Market Will Recover to Grow Over the Forecast Period
KEY TRENDS AND DEVELOPMENTS
Economic Slump Caused Decrease in Marriage and Home Moving
Consumption Pattern Becomes Environment-friendly
Korean Tastes Become Globalised
‘Wife-loggers’ Emerge as a New Marketing Channel
Regulations on Pollution will Increase
MARKET DATA
Table 1 Sales of Housewares and Home Furnishings by Sector: Value 2003-2008
Table 2 Sales of Housewares and Home Furnishings by Sector: % Value Growth 2003-2008
Table 3 Housewares and Home Furnishings Company Shares 2004-2008
Table 4 Housewares and Home Furnishings Brand Shares 2005-2008
Table 5 Sales of Housewares and Home Furnishings by Distribution Format: % Analysis 2003-2008
Table 6 Forecast Sales of Housewares and Home Furnishings by Sector: Value 2008-2013
Table 7 Forecast Sales of Housewares and Home Furnishings by Sector: % Value Growth 2008-2013
DEFINITIONS
Summary 1 Research Sources
LOCAL COMPANY PROFILES - SOUTH KOREA
HAENGNAM CHINAWARE INC - HOUSEWARES AND HOME FURNISHINGS - SOUTH KOREA
STRATEGIC DIRECTION
KEY FACTS
Summary 2 Haengnam Chinaware Inc: Key Facts
COMPANY BACKGROUND
PRODUCTION
Summary 3 Haengnam Chinaware Inc: Production Statistics 2008
COMPETITIVE POSITIONING
Summary 4 Haengnam Chinaware Inc: Competitive Position 2008
HANACOBI CO LTD - HOUSEWARES AND HOME FURNISHINGS - SOUTH KOREA
STRATEGIC DIRECTION
KEY FACTS
Summary 5 Hanacobi Co Ltd: Key Facts
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 6 Hanacobi Co Ltd: Competitive Position 2008
HANIL CARPET INC - HOUSEWARES AND HOME FURNISHINGS - SOUTH KOREA
STRATEGIC DIRECTION
KEY FACTS
Summary 7 Hanil Carpet Inc: Key Facts
Summary 8 Hanil Carpet Inc: Operational Indicators 2006-2008
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 9 Hanil Carpet Inc: Competitive Position 2008
HANSSEM CO LTD - HOUSEWARES AND HOME FURNISHINGS - SOUTH KOREA
STRATEGIC DIRECTION
KEY FACTS
Summary 10 Hanssem Co Ltd: Key Facts
Summary 11 Hanssem Co Ltd: Operational Indicators 2006-2008
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 12 Hanssem Co., Ltd.: Competitive Position 2008
LIVART FURNITURE CO LTD - HOUSEWARES AND HOME FURNISHINGS - SOUTH KOREA
STRATEGIC DIRECTION
KEY FACTS
Summary 13 Livart Furniture Co Ltd: Key Facts
Summary 14 Livart Furniture Co Ltd: Operational Indicators 2006-2008
COMPANY BACKGROUND
PRODUCTION
Summary 15 Livart Furniture Co Ltd: Production Statistics 2008
COMPETITIVE POSITIONING
Summary 16 Livart Furniture Co Ltd: Competitive Position 2008
HOUSEWARES IN SOUTH KOREA
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
NEW PRODUCT DEVELOPMENTS
Summary 17 New Product Launches 2007-2008
SECTOR DATA
Table 8 Sales of Housewares by Subsector: Value 2003-2008
Table 9 Sales of Housewares by Subsector: % Value Growth 2003-2008
Table 10 Sales of Housewares by Type: % Value Breakdown 2003-2008
Table 11 Sales of Cookware by Type: % Value Breakdown 2003-2008
Table 12 Sales of Kitchenware by Type: % Value Breakdown 2003-2008
Table 13 Sales of Tableware and Crockery by Type: % Value Breakdown 2003-2008
Table 14 Sales of Cutlery by Type: % Value Breakdown 2003-2008
Table 15 Housewares Company Shares 2004-2008
Table 16 Housewares Brand Shares 2005-2008
Table 17 Sales of Housewares by Distribution Format: % Analysis 2003-2008
Table 18 Forecast Sales of Housewares by Subsector: Value 2008-2013
Table 19 Forecast Sales of Housewares by Subsector: % Value Growth 2008-2013
HOME FURNISHINGS IN SOUTH KOREA
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
NEW PRODUCT DEVELOPMENTS
Summary 18 New Product Launches 2007-2008
SECTOR DATA
Table 20 Sales of Home Furnishings by Subsector: Value 2003-2008
Table 21 Sales of Home Furnishings by Subsector: % Value Growth 2003-2008
Table 22 Home Furnishings Company Shares 2004-2008
Table 23 Home Furnishings Brand Shares 2005-2008
Table 24 Sales of Home Furnishings by Distribution Format: % Analysis 2003-2008
Table 25 Forecast Sales of Home Furnishings by Subsector: Value 2008-2013
Table 26 Forecast Sales of Home Furnishings by Subsector: % Value Growth 2008-2013