Ideal Global Test Bed

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Ideal Global Test Bed

Domestic Market with Strong Purchasing Power

Though Korea ranks just 108th in the world by land area, it boasts the world’s 14th largest domestic market. Consumer spending in Korea is relatively high, ranking particularly among the top in terms of the number of licensed Starbucks stores and the payment of mobile game users. In addition, the title as the world’s biggest per capita steel consumer demonstrates the capacity of Korea’s manufacturing industry for further growth.

※ Size of Domestic Market (2021) - [Source : WEF “Global Innovation Index 2021” (2021)]
※ Steel consumption - [Source : World Steel Association (2022)]
※ Spending on luxury goods - [Source : Morgan Stanley (2022)]
※ Average monthly spending of mobile game users - [Source : App Annie]
※ Number of Starbucks stores - [Source : Kneoma.com (2022 4Q)]
※ Skincare market revenue - [Source : Statista]

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 : Chosun Biz, Dona-A ilbo, The Seattle Times, Maeil Business News
※ Source : Korea Chamber Of Commerce & Industry, Invest KOREA

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