Megatrends in South Korea

June 2021

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?
The drivers shaping consumer behaviour
Megatrend Framework
Businesses harness megatrends to renovate, innovate and disrupt
Digital living
Y Flux from Yanolia facilitates fast and touchless self-check-in
Consumers more likely to order food and drink from their mobile phone
Millennials and Gen X more avid users of tech especially in video gaming
Digitally aware users actively manage their privacy
Data privacy is a bigger concern for younger consumers
Consumers prefer advice from trusted sources
South Koreans shifting back into “real life”
Experience more
CJ Foodville’s Yum delivers premium food to the doorstep
Experiences in the real world and other cultures key as pandemic eases
Experiences in the real world are most valued across the generations
Socialising with friends most frequent leisure activity
Availability of shopping opportunities not as important for travellers
Shift to in-person rises through the ages peaking at Gen X
Middle class reset
Superbin providing a reverse vending solution to recycling
Bargain-hunting is by far the most important middle-class preference
Bargain-hunting rises in importance through the generations
Donating or trading unwanted items is the favoured way of recycling
Gen Z shows broadly the most frugal purchasing intentions
Premiumisation
Gla Pet’s Black Label “ boyang ” soup offering premiumisation to dogs
South Koreans see curated experiences as key
Millennials value curation, simplification and money saving equally
Older generations more optimistic about the future value of investments
Value and features mean more than low price for consumers
Shifting market frontiers
Daydream in Color (Jo Malone London) using local brand ambassador
Increasing openness to other cultures in South Korea
Openness broadly consistent across age groups
Clear generational split in attitudes to local offer
Shopping reinvented
Market Kurly defining a new way of bringing produce to consumers
Smartphones are main purchase methods especially for foodservice
South Koreans happy to follow companies’ social media
Millennials and Gen X more active on companies’ social media
Sustainable living
Supublic offers 1N9 Modern Cleaner as solution to single-use plastic
The environment is the top ethical issue for South Koreans
Plastics and food waste reduction more urgent versus global average
Consumers vocal on social media and buy based on company ethos
Recycling and circular economy lead the way
Wellness
Dongwon F&B Co Ltd Yogur -salad
Health supplements and vitamin usage well above global average
All generations participate in high levels of physical exercise
Increased levels of stress disrupt sleep and drive adoption of sleep aids
South Koreans are aligned with global health tech use levels
Health and safety precautions are the most important in the pandemic

MEGATRENDS IN South Korea

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