Consumer values and behaviour in South Korea

June 2022

This Megatrends report highlights long-term trends resulting from shifts in consumer values and behaviour. It provides a summary of each of Euromonitor International’s eight focus megatrends and insights as to how each trend has manifested in South Korea.

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Overview:

Consumer Lifestyle reports provide detailed snapshorts of the behaviours, attitudes and spending patterns of consumers in 40 countries. 

The Lifestyles reports offer valuable statistics and insights into key consumer traits and values, linking behaviour trends with purchase and consumption habits. Using lifestyles survey data, these reports quantify behaviours, preferences and motivations both now and in the future across specific consumer-related topics relating to how consumers live, shop, work and play in 40 markets. Analysis is also included on how Euromonitor’s 8 focus megatrends, the longer-term shifts in consumer attitudes and behaviour, are playing out in each of the 40 countries. Consumer lifestyles are constantly shifting. Understanding behavioural shifts is vital for businesses to stay competitive and adapt to in order to capitalise on new opportunities.

The Consumer Lifestyle in South Korea report includes:

Lifestyles survey data and analysis on consumer values, behaviour and future expectations on topics such as life priorities, home and work life, ethical and health priorities and eating, leisure and shopping habits and use of technology. Consumer Megatrends covered are: Connected Consumers Ethical Living Experience More Healthy Living Middle Class Retreat Premiumisation Shifting Market Frontiers Shopping Reinvented

The Consumer Lifestyle in South Korea report answers:

  • How is the consumer mindset in South Korea changing? In South Korea, what are consumer attitudes towards “green” and sustainable products?
  • What values influence consumers in South Korea purchase decisions?
  • Where and how do consumers shop in South Korea?
  • What health-related activities do consumers in South Korea participate in?
  • What megatrends should I focus on in South Korea (and why)?
  • How do I prioritize my investment? I operate in country x, which are the most important megatrends in that country?
  • My product chimes with the Healthy Living trend, what consumer behaviours do I need to consider for innovation planning?

Consumer values and behaviour in South Korea

Scope
Consumer values and behaviour in South Korea
South Korean consumers less interested than global counterparts in trying new products
Millennials more focused on unique, new and tailored items and want to engage with brands
Generation Z enjoy spending their money instead of saving it
South Koreans less confident about their financial future
Consumers feel strongly that more activities will shift to in-person over the next five years
Younger generations have a more positive outlook for future happiness
More community engagement not as likely as global average
Consumers concerned that climate change will further impact their lives
Generation Z most optimistic about becoming more engaged in their communities
70% of Generation Z play video games at home every week
Energy efficiency most desirable to save on outgoings
Reliance on public transport drives need for homes with easy access
Eating out or ordering food considered a convenient alternative to cooking
Lack of skill and preference for convenience barriers to cooking
Millennials and Generation X most likely to order food for delivery
Consumers want healthy foods with informative nutrition labels
Work-life balance most important consideration for South Koreans
Job security concerns grow as workforce ages
Millennials less likely to keep boundaries between work and personal life
Day trips are popular with nearly 60% going on one at least every few months
South Korean consumers enjoy shopping as a leisure activity
After leisure shopping, visits to the cinema popular for younger generations
Walking and hiking by far the most regular types of exercise
High percentage of younger generations exercise by running or jogging every week
High levels of stress disrupt sleep and drive adoption of sleep aids
Nearly 70% are worried about the impact of climate change
Baby boomers more focused on green behaviours
Gen Z not as active as other generations but have greater focus on donating to charities
Gen Z not as active as other generations but have greater focus on donating to charities
Consumers vocal on social media and buy based on company ethos
Focus on best price as consumers like to find bargains
Older consumers like to use their loyalty cards next to finding bargains
Consumers cutting back and only buying new items when necessary
Millennials more captivated by branded products
Consumers comfortable with purchasing goods on their smartphones
All generations use their smartphones to order food for delivery or takeaway
Increased spending on health and wellness anticipated by 45% of respondents
Focus is on health and wellness as all generations intend to spend more
South Koreans focus on saving money
Privacy important to consumers as over half actively manage settings
Baby boomers less inclined to share data to receive personalised offers
Consumers less likely to engage with companies/brands online as global average
Gen Z more likely than other generations to buy something via a social media platform
High proportion of consumers frequently use online banking
Over half of millennials make an in-store mobile payment every week
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