Home seclusion, which continued in 2021 due to rising COVID-19 cases throughout the year in South Korea, boosted demand for many products offered by home and garden specialist retailers. Homewares and home furnishings particularly benefited, as the home-cooking trend and remote working measures became part of South Koreans’ newly-developed lifestyles.
Home improvement players traditionally target consumers aged 50-60 years as their buying power and interest in home interior design is relatively stronger than other age groups. However, as younger consumers also developed an interested in decorating their homes during the pandemic, leading players have been rolling out marketing strategies to target millennials and Generation Z.
South Korean home furnishing companies are increasing their investment in home remodelling, encouraged by the rising demand for house renovations. Hanssem Co Ltd, the leading player in homewares and home furnishing stores, launched a new consultation service using VR technology to provide a 3D simulation of interior design to customers.
During the first half of 2021, the supply of new apartments in Seoul declined by 42% compared to the same period of the previous year, as a result of the government’s tight regulation as part of failed attempts to control housing prices. The shortage in supply of new apartments, which is highly sought after by younger generations, has left limited choice for future homeowners, leading to the purchase of older apartments and renovating the entire property.
Across various home and garden categories, there has been an emerging trend to equip the home with imported products as displaying one’s lifestyle on social media has become a hobby amongst local consumers, especially during the pandemic. European brands, Royal Copenhagen and Villeroy & Boch, are gaining share in homewares, while pendant lighting and wooden furniture have also become popular.
Although Euromonitor International’s retailing research does not capture C2C transactions, it has been identified that purchasing second-hand items, such as used furniture and homeware, has become popular amongst South Korean consumers. A leading online second-hand platform Dangguen Market, also known as Karrot, witnessed a surge in searches by keywords related to the home and garden channel, including chairs, sofas, and desks.
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Understand the latest market trends and future growth opportunities for the Home and Garden Specialist Retailers industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home and Garden Specialist Retailers industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is the aggregation of homewares and home furnishing stores and home improvement and gardening stores. Business-to-business sales are excluded.See All of Our Definitions
This report originates from Passport, our Home and Garden Specialist Retailers research and analysis database.
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