South Korea: Consumer Profile

May 2023

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.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in South Korea report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in South Korea report answers:

  • How consumers in South Korea are changing? 
  • What are key changes in South Korea population, society and generational structure and how it is affecting businesses?
  • What is the household structure in South Korea and how it is changing consumer landscape?
  • What are key income groups in South Korea? What is the outlook for the future?
  • Where consumers are  spending the money in South Korea? 
  • How is the consumer mindset in South Korea changing?
  • In South Korea, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in South Korea?

Buy Consumer Profiles  reports to:

Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.

Download Table of Contents
Scope
Key drivers affecting consumers in South Korea in 2022
How developments today shape the consumer of tomorrow
Key findings
Today 2022: The growth of the South Korean population remains stagnant
As birth rates plummet, immigrant influx remains crucial for population growth
South Korean consumers exhibit less enthusiasm to engage through online platforms
Tomorrow 2040: Longer life expectancy and low birth rates boost older cohort
Generation X and millennials will remain the most crucial consumer groups
South Korea’s cities no longer grow due to population decline
Areas of opportunity
One Day Chocolate tablet offers snack alternative for health-conscious South Koreans
Today 2022: Higher prevalence of renting due to over one third of households being single
Average dwelling size to increase despite fewer people per household
Benefiting from free subway tickets, baby boomers strive to live near public transport
Tomorrow 2040: Declining families with children, rising older single South Koreans
Over half of households to have aged 60+ decision-makers by 2040
South Korea's ICT leadership fuels instant adoption of smart devices
Areas of opportunity
Yuhan -Kimberly empowering women leaders in South Korea
Today 2022: Growing income and stronger spending in higher income bands
Energy support and vouchers mitigate inflationary impact on households
Expenditure on health and wellness expected to increase among all cohorts
Tomorrow 2040: Significantly higher share of middle-class individuals compared to global
Senior population will continue to dominate the top-income band by 2040
Seoul to remain South Korea’s largest consumer market
Areas of opportunity
Traditionally considered a budget-friendly option, Soju emerges as a premium alternative
Key findings from consumer survey
Younger generations have a more positive outlook on their future
Despite higher savings and less debt, South Koreans remain worried about finances
Generation Z and millennials to stand up against South Korea’s rigid work culture
South Koreans seek bargains but also demand strong brands that emphasise high social status
Worried about climate change, South Koreans continue to lead in terms of waste recycling
PURITO: Korean beauty brand with sustainability at its core
Areas of opportunity
Key takeaways
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