South Korea Market Introduction
In 2015, Korea has a population of 50 million and a GDP growth of 2.6%. Ranking as the 7th export country for Canada. Ores, Slag and ash, mineral fuels and oils are the main products Canada export to Korea, while Canada is a large import destination of motor vehicles, electrical machinery and mechanical appliances for South Korea.
South Korea’s outbound travel market has grown steadily over the past decade, particularly to long-haul destinations. Outbound travel from South Korea grew 2.3% in 2014. There were 163,000 overnight visitors from South Korea travelled to Canada with a total expenditure of $262 million. On average, South Korean visitors spent $1,605 and stayed 22 nights in Canada. Over 30% of South Koreans travelled Canada for leisure, 28% for business and 21% to visit friends and relatives.
Source : Destination Canada
South Korean consumers experiences household debts for years and this has impact their demand for non-essential products and services. Debt touches all group of ages, however, the most affected group are Mid-lifers (people in their forties and fifties) 6 out of 10 are in debt.
Despite this debt reality, they are increasingly shopping online especially for electronics. Between 2007 and 2012, online purchases have bumped about 50%. Highly influenced by media, South Korean consumers are aiming for a dramatized, fictional and romanticized materialist lifestyle.
Source : Euromonitor