Summary

With the world’s lowest fertility rate, South Korea faces a steadily aging population and a projected population decline in the coming decades. As solo living grows in popularity, single-person households are now the most common, leading to rising number of households and higher demand for housing. Amid these changes, South Korea is anticipated to uphold a robust middle class and maintain low income inequality across its society, with among the lowest unemployment rates globally.
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Euromonitor's South Korea: Consumer Profile report analyses factors influencing national consumer expenditure. Consumer lifestyles reports include coverage of: population, urban development, home ownership, household profiles, labour, income, consumer and family expenditure, health, education, eating habits, drinking habits, shopping habits, personal grooming, clothing, leisure habits, savings and investments, media, communication, transport and travel and tourism. Use this report to understand the factors influencing a nation's lifestyle choices.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

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Table of Contents

Scope
Key findings
Key drivers affecting consumers in South Korea in 2023
How developments today shape the consumers of tomorrow
With birth rate at a global low, immigration becomes the key driver of population growth
South Koreans invest in wellness through vitamins, supplements and stress reduction
While Gen X maintains dominant role, Generations Alpha and Z are set to grow in prominence
Depopulation pressures lead Busan to launch initiatives aimed at reversing the decline
Opportunities for growth
Monami offers custom-making services for writing instruments to attract Gen Z
The majority of single person households in South Korea to consist primarily of seniors
Housing demand fell post-pandemic but is set to recover as the number of singletons rises
By 2040, the average household head is projected to be a man over the age of 60
With top-tier infrastructure and a tech-savvy population, South Korea leads in internet access
LG ThinQ UP 2.0 supports “ servitisation ” in smart home appliances
One third of respondents plan to cut spending next year due to rising living costs
Most South Koreans hold back on spending, yet Baby Boomers lean towards spending more
Income gains are to persist at a moderate pace, but gender income gap will fail to close
Despite high expenditure on housing, discretionary spending to rise as incomes increase
INSPIRE Mall’s immersive art exhibit transforms shopping into a memorable experience
Key findings of consumer survey
Older cohorts more willing to pay extra for healthy food, while younger ones focus on taste
South Koreans are taking efforts to balance budgets with desire to maintain their lifestyles
With negative climate change effects already evident, Koreans become more climate-aware
Financial concerns remain prevalent as savings have depleted over the recent years
South Koreans seek better work-life balance, shifting from rigid work culture
Vestiaire Collective provides affordable luxury alternatives to fast fashion in South Korea
Key takeaways