Ideal Global Test Bed

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Ideal Global Test Bed

Domestic Market with Strong Purchasing Power

Though Korea ranks just 107th in the world by land area, it boasts the world’s 14th largest domestic market.

Consumer spending (or personal consumption expenditure: PCE) in Korea is relatively high, ranking particularly among the top in movie watching frequency and mobile apps.

In addition, the biggest steel consumption per capita in the world demonstrates the capacity of Korea’s manufacturing industry for further growth.

Steel consumption (1st place) - per capita (2019), Seafood consumption (1st place) - per capita (2019), Number of movies seen (1st place) - per capita (2019), Consumer spending on mobile apps (4rd place), Sales revenue in skin care segment / per person, 2019 (3rd place), Number of Starbucks stores (3rd place)

※ Source: World Steel Association (2020), European Commission’s Joint Research Centre (JRC), Korean Film Council (2020), App Annie (2018), Statista Consumer Market Outlook 2020, Kneoma.com (2020, 2Q)

Gateway to the Global Market, Test Bed Korea

The demand for high-tech devices exists among all generations in Korea, based on the country’s competitiveness in a variety of industries as well as its top-class IT infrastructure.

Powerful consumer groups prefer the newest products and are sensitive to global trends. It is said that “You can succeed in the world only once you have succeeded in Korea,” thus showing that Korea has solidified its place as a test bed for the world.

※ Source: Korea Chamber of Commerce and Industry, Invest KOREA