Future consumer in South Korea

AugmentedVirtual-Reality ethical-living consumer-motivation consumer-behaviour
Senior Advisor
Teppo Turkki
+81 80 41491958
Teppo.Turkki@businessfinland.fi
A recent Future Watch study on consumer trends in South Korea explores and analyzes key consumer trends that are shaping South Korean society and how these trends are likely to evolve over the next three to five years. The study is echoing future consumer trends not only in Asia but also in Europe. It is now clear that mobile and online shopping will become the main retail channel, and technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and big data are changing the retail landscape.

Other major drivers for consumer business are growing single-person households which is already changing portfolios of the companies, and how healthy living goes beyond mere physical health to represent a much wider horizon where food, exercise, mental well-being and broader lifestyle issues are seen as a whole. Other strengthening phenomena shaping South Korean consumer preferences are strive for ethical living, awareness of the environment, issues on animal welfare and social ethics.

For this study foresight experts conducted an online survey with 500 respondents in South Korea. The study is also based on desk research on national statistics and online data sources to understand the consumer trends, buying behaviour and innovative products and services in the South Korean market. Future Watch report on consumer trends in South Korea explores the implications of the changing business landscape for Finnish exporters and provide key recommendations about the positioning of their products/services to South Korean consumers.

The study is available at www.marketopportunities.fi and will be published in the event Future Consumer in South Korea at 5th September.