South Korea is the 4th largest economy in Asia and the 11th largest in the world!

In the past, the average Korean worker worked approximately 70 hours a week. However, to achieve a better work-life balance and change the Korean working culture, the national government lowered the maximum working hours to 52 hours. Consequently, Korean consumers now have more time to spend their disposable income.

South Korea is recognized as the trendsetter of Asia. As such, the country holds untapped potential for international brands that hope to penetrate the Asian market.

If a brand is successful in the Korean market, it is also likely to succeed across the continent.

The country boasts powerful industries in mobile, automotive, beauty, fashion, entertainment, and technology as a result of its substantial, career-driven workforce.

THE KOREAN CONSUMER

South Korean consumers are typically well-educated and well-informed. The national literacy rate is 98%. The country also has the world’s best IT infrastructure, with exceptionally wide use of high-speed Internet and smartphones.

Consumers tend to be tech-savvy, and this has strongly influenced the way they shop. Many use social media to search for information about potential purchases and to share their own product reviews. These technology-minded consumers are well-positioned to judge the value of products, and also to find the best prices for the best products.

The median age for South Koreans is 42.3 years old. Increasingly, middle- and working-class consumers have begun to shop in outlet or discount stores to obtain better value for the money they are spending.

Only 25% of the population are under 24 and almost 30% of those are over 55 years old. The population is growing at the rate of 0.44%. Households have an average of 2.53 people.

There are 27% of households with people living alone; 26% of 2-person households; 22% of 3-person households; 19% of 4-person households and 7% of households with 5 or more people.

The main cities are Seoul, Busan, Icheon, Deagu, Daejon and Gwanju. The level of education is very high. There are 87% of adults age 25 to 64 have completed college.

Topping South Korea’s list of e-commerce categories are Travel, Apparel, Electronics, Cosmetic and Kids Goods.

In general, Koreans like to purchase apparel and fashion accessories that allow them to express their individuality. On the other hand, the middle-to-upper-class, aspiring to lifestyles portrayed by the media, have a keen interest in high-quality luxury goods.