Domestic Market with Strong Purchasing Power
Though Korea ranks just 110th 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.
※ Source: World Steel Association (2021), Norwegian Seafood Council (2020), Dunnhumby (2020), neww zoo, App Annie , Statista, Kneoma.com (2021, 3Q)
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.
- Chupa Chups
- ESTEE LAUDER
- LOREAL PARIS
※ Source: Korea Chamber of Commerce and Industry, Invest KOREA