South Korea has witnessed population decline over the recent years, as number of childless households continue to increase. Generation X, aged 60-75 in 2040, will continue to hold its position as the most influential consumer segment. Older cohorts are anticipated to gain prominence within the affluent segment, thanks to delayed retirement and greater wealth accumulation. Widespread adoption of digital devices will continue to further entrench technology into the fabric of Korean everyday life.
This report comes in PPT.
For the past few years, South Korea’s population has been experiencing a steady decline year after year. By 2040, the consumer landscape in South Korea will reflect a significant shift towards households without children, influenced by declining fertility rates and an ageing society. By 2040, the consumer will have a median age of 54.6 and live in a 2-person household, with life expectancy increasing by more than two years for both males and females.
By 2040, Generation X is set to be aged 60-75, and is poised to maintain its status as the most influential consumer segment in South Korea, standing out for its sizable population and rising disposable incomes. Moreover, the older cohorts are expected to gain prominence within the affluent consumer segment due to a delayed retirement age and greater wealth accumulation.
Being the global leader in terms of ICT adoption among individuals, businesses and government, South Korea boasts remarkable household technology penetration rates, with wide adoption of digital devices and advanced technologies. From smartphones and smart TVs to home appliances and high-speed internet, South Korean households exhibit extensive integration of technology into their daily lives.
South Koreans exhibit a high level of prudence when it comes to making purchasing decisions due to cultural inclination to save more. However, cultural focus on outward appearances and the desire to maintain a specific social status add to a higher willingness to pay a premium for reputable and well-known brands, as well as personalised and tailored products.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!