South Korea

Hot drinks is set to see decline in retail volume terms and a stagnant performance in retail current value terms in 2023. Tea is set to see the best performance, maintaining current value growth, while coffee is set to see stagnancy due to the…

Gross consumer lending’s growth is continuing to outperform outstanding balance, driven by card lending, as local consumers spend more with the reopening of society and cross-border travel. However, outstanding balance on card lending (encompassing…

The smaller value category of sticking plasters/adhesive bandages continues to see further product differentiation and development through material diversification to attract consumers with innovative formats. For instance, JW Pharmaceutical has been…

Personal luxury retail value sales increased by 12% in 2023 to amount to KRW22.0 trillion, supported by growth recorded by leading brand providers, such as Louis Vuitton Korea Ltd and Richemont Korea Ltd. 2023 sales growth was fuelled by individuals…

Overall sales of other dairy products are set to continue to decline in both retail volume and current value terms in 2023. Amongst the various categories within dairy products and alternatives, other dairy was the least affected by the pandemic’s…

Retail volume sales of vacuum cleaners as a whole are falling in 2023, despite another dynamic performance by robotic vacuum cleaners with robust double-digit volume and value growth. Standard vacuum cleaners are relatively mature in South Korea,…

Store cards in South Korea is experiencing a trend of stagnant growth. Despite the enduring appeal of store cards and their unique set of benefits, the growth rates in both 2022 and 2023 feature stabilisation rather than substantial expansion.…

Alongside the home café trend, a notable shift has occurred in bakery products, transcending the long-held bias that bread cannot serve as a meal replacement - often referred to as the “breadcrumbs prejudice”. This shift emphasises the savoury,…

In 2023, the global supply chain of edible oil raw materials has faced significant disruptions due to climate change and geopolitical complexities, impacting availability in South Korea. The country's reliance on external sources has made it…

As local consumers continue to purchase apparel in 2023, sales of fashionable accessories such as belts, scarves, hats/caps and ties are also increasing. Therefore, these types of accessories continue to post positive retail volume and current value…

As local consumers continue to enjoy greater freedom outside of the home and participate in outdoor activities such as running or cycling, there is increasing demand for sports nutrition products which can be consumed on the go. This is driving the…

Ginseng remains by far the largest value category within dietary supplements in South Korea. As ginseng is well-known for its overall immunity support, this category is experiencing stable demand, whilst also remaining popular for gifting, with red…

Raw materials shortages and supply chain disruptions caused by geopolitical issues (e.g., global semiconductor chip shortage, war in Ukraine) resulted in delays in the production of digital cameras and subsequently a decline in retail volume sales in…

Staple foods, closely associated with economic conditions in South Korea, is experiencing slower growth rates in many categories due to recent external economic factors. Elevated inflation rates have led to an upward trend in retail value sales…

While retail volume sales of both children's breakfast cereals and family breakfast cereals continue to decline in 2023 due to greater mobility following the easing of restrictions in South Korea, demand remains above pre-pandemic levels. Players in…

Due to changes in dietary habits during the pandemic, such as the increase in delivery food, demand for certain digestive remedies exploded, while home seclusion during this time, resulting in sedentary lifestyles, supported the surge in demand for…

Overall demand for portable players is expected to increase in 2023, but most categories are set to maintain retail volume declines, and growth will be driven solely by the dominant wireless speakers category. In addition to use within the home, in…

After two years of strong retail volume growth in 2020 and 2021 in a pandemic-fuelled surge, sales of televisions declined in 2022, and this is set to continue in 2023, as consumer demand was brought forward and demand is now waning as replacements…

Growth is expected to continue in soft drinks in both off-trade and on-trade volume terms in 2023. However, products that are perceived as healthier, such as bottled water, kombucha, and reduced sugar carbonates, amongst others, are expected to see…

In 2022, the relaxation of pandemic-related restrictions, including the easing of social distancing rules, heralded a significant shift in local consumers’ behaviour. With a newfound freedom to venture outdoors, a growing number of individuals opted…