In 2020, the COVID-19 pandemic prompted a number of substantial lifestyle changes for South Korean consumers. Although the government did not impose a strict national lockdown as had been done in other countries, social distancing measures were put in place throughout the country, with socialising kept to a minimum throughout much of 2020.
In 2020, Tefal, owned by Groupe SEB Korea Ltd, launched a new premium product range, Tefal Unlimited which boasts a strong, scratch-resistant surface with innovative heating efficiency. This range is designed for induction cooking, which is also gaining in popularity.
The COVID-19 pandemic drove an increase in sales through e-commerce channels in 2020 as consumers looked for safer shopping methods when faced with potential COVID-19 infection in public spaces. Despite the growth of e-commerce, however, store-based retailing remains the most popular distribution channel, with department stores and homewares and home furnishing stores remaining the primary distributors of products in homewares.
Prior to the outbreak of COVID-19 in South Korea, consumers would frequently opt for consumer foodservice options, with foodservice a booming industry in South Korea. The widespread shift to home cooking during the COVID-19 pandemic, therefore, was very much a departure from the norm for South Korean consumers.
Top players in homewares are expected to expand over the forecast period in order to extend their reach to a wider consumer base in South Korea. Many homewares companies such as Happycall and Lock & Lock are planning to expand their businesses to become more holistic lifestyle companies in the coming years.
The growth of e-commerce in homewares has, in many ways, been accelerated by the COVID-19 pandemic in South Korea, with the health fears associated with the pandemic proving to be the motivation that consumers needed to increase their use of e-commerce platforms, gaining confidence with online purchases. E-commerce will benefit from the COVID-19 in the forecast period as the pandemic prompted many players, such as Groupe SEB, Happycall and Lock & Lock, to expand their online offerings, providing a stronger basis for further growth in the forecast period.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Homewares 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 Homewares 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 report originates from Passport, our Homewares research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page