Megatrends in South Korea

July 2023

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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This report comes in PPT.

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?
Scope
The drivers shaping consumer behaviour
Megatrends framework
Businesses harness megatrends to renovate, innovate and disrupt
Convenience
Woowa Brothers launches indoor delivery robot at Seoul’s Trade Tower
Millennials most likely to use tech to make life easier
Consumers are staying closer to home
Shoppers want to see what they are buying
Convenience drives demand for e-commerce
Consumers prefer convenient food options
Digital living
Woori Bank offers exclusive in-game rewards targeting the esports community
Millennials make the greatest use of VR
Half of consumers actively manage their data settings
Gen X are least comfortable with sharing data
Consumer reviews hold the most sway
Consumers expect more face-to-face activity post-pandemic
Diversity and inclusion
Yuhan-Kimberly empowering women leaders in South Korea
Baby Boomers are the most vocal in sharing opinions online
Millennials want to make a difference to the world
Koreans show an interest in other cultures
Millennials are the most wary of companies’ intentions
Experience more
Virtual K-pop band MAVE enjoys success in the metaverse
Shopping is the top leisure activity
Koreans pay heed to food quality when travelling
Consumers prefer real world to online experiences
Personalisation
Amway Korea offers precision probiotics using customers’ faecal samples
Gen Z are the most enthusiastic about virtual experiences
Tailor-made activities are gaining traction
Premiumisation
Nutriplan expands its Holic range of premium dog foods
Millennials are the most individualistic cohort
Gen X are the most confident in their long-term investments
Consumers prioritise nutrition, quality and comfort
Pursuit of value
Traders Wholesale Club launches paid membership programme and new store brand
Koreans are fond of a good deal
Consumers are worried about rising costs
Most consumers are still averse to renting
Young people expect to save more in the short term
Shopper reinvented
Nike opens world’s first Nike Style concept store in Seoul
Gen X most likely to seek bespoke experiences
Many products now purchased more frequently online
Koreans are reluctant to interact with brands
Millennials are the most interested in s-commerce
Sustainable living
PURITO: Korean beauty brand with sustainability at its core
Most are concerned about the impact of global warming
Koreans take recycling seriously
Reducing food waste is top of the agenda
Consumers are keen to make their votes count
Compostable packaging is considered the most sustainable
Wellness
One Day Chocolate tablet offers snack alternative for health-conscious Koreans
Consumers turn to sleep aids in times of stress
Koreans are enthusiastic about health supplements
People continue to be concerned about personal safety
Leverage the power of megatrends to shape your strategy today
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