Market Research Logo

Retailing in South Korea– Market Summary & Forecasts to 2020

Retailing in South Korea– Market Summary & Forecasts to 2020

Summary

South Korea’s retail sector is expected to witness healthy growth over the next five years, backed by improving economic conditions, government efforts to boost domestic consumption, relatively low inflation levels, and increasing disposable income. The ubiquity of high-speed internet access and increasing adoption of mobile devices are fueling the growth of sales through the online channel, and the trend is expected to gain further traction over the next five years.

Key Findings

  • Retailers adopting omnichannel strategies to win customers
  • Adoption of private label brands is on the rise
  • Luxury retailers are targeting affluent locals
  • Increasing numbers of international tourists contributing to retail sales
Synopsis

Retailing in South Korea– Market Summary & Forecasts, 2015–2020 provides data for historic and forecast retail sales, and also includes information on the business environment and country risk related to South Korea's retail environment. In addition, it analyzes the key consumer trends influencing South Korea retail industry.

The report also offers:
  • In-depth analysis of the latest trends in consumer shopping, covering the factors driving shopping, consumer insights, market dynamics (covering 26 product categories), and reviews of the latest best practice in online retail site design
  • Market insights based on consumer trends, changing economic and demographic factors, technology innovations, and other macroeconomic factors
  • Retail sales and fastest-growing product categories including Clothing, Footwear, Books, News and Stationery, Electrical and Electronics, Food and Grocery, Health and Beauty, Furniture and Floor Coverings, Home and Garden Products, Music, Video and Entertainment Software, Sports and Leisure Equipment, Jewelry, Watches and Accessories, and Luggage and Leather Goods
  • Qualitative and quantitative insights of changing retail dynamics across various channels
Reasons To Buy
  • Gain comprehensive knowledge on 26 products across 12 product sectors in South Korea retail market and develop a competitive advantage around consumer behavior trends from the start of your supply chain
  • Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the vital economic and population trends, key consumer, and technology trends influencing the retail market
  • Investigate current and forecast behavior trends in each category to identify the best opportunities to exploit
  • Analyze the recommended actions to align your marketing strategies with the crucial trends influencing consumer behavior
  • Understand the fastest-growing categories in the market with insights on performance of individual product categories, across key channels from 2010, with forecasts until 2020
  • Analysis of key international and domestic players operating in South Korea retail market — including store counts and revenues that give you a competitive edge — and identify opportunities to improve your market share


  • Introduction
    • What is this Report About?
  • Executive Summary & Outlook
  • Market Context
    • Steady economic factors to benefit retailers
      • South Korea's export-reliant economy is at a crossroads
      • Steady rise in savings rate is a concern for retailers
      • Services sector continues to be the major sector for employment
      • Declining inflation levels set to benefit retailers
      • Rise in consumption expenditure - a positive sign to reckon with
      • Increasing urbanization offers growth opportunities for retailers
    • Aging population and low birth rates pose challenges for retailers
  • South Korean Shoppers
    • Retailers adopting omnichannel strategies to increase their customer base
    • Surge in m-commerce with the rise in smartphone ownership and mobile internet penetration
    • Increasing adoption of private label brands threatens national brands
    • Social commerce is on an exponential rise in South Korea
    • Luxury retailers are targeting affluent locals
    • Increasing number of international tourists contributing to retail sales
  • Doing Business in South Korea
    • Summary
      • Bureaucracy
      • Business culture
      • Infrastructure and logistics
    • Business reforms in South Korea in the recent past
    • Korea eases rules for foreign investors
  • Internet & Technology
    • Broadband, Mobile Phone, and Internet Users
      • Social media use through smartphones on the rise - An opportunity for retailers
  • Retail Topline
    • Total Retail
      • Online Sales & Growth
    • Summary of product sectors
      • Share of key product sectors
      • Key product sectors
    • Summary of channels
      • Spend per Channel
      • Online Penetration of Key Product Sectors
  • Retail - Product Sectors
    • Product Sector Analysis
      • Clothing
        • Table South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2010-2015
        • Table South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2015-2020
      • Footwear
        • Table South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2010-2015
        • Table South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2015-2020
      • Books, News and Stationery
      • Electrical and Electronics
      • Food and Grocery
      • Health and Beauty
      • Furniture and Floor Coverings
      • Home and Garden Products
      • Music, video, and entertainment Software
      • Sports and Leisure Equipment
      • Jewelry, Watches and Accessories
      • Luggage and Leather Goods
  • Retailers
    • Table Major Domestic Retailers in South Korea
    • Table Major International Retailers in South Korea
    • Clothing
      • Table Key Clothing Retailers in South Korea
    • Footwear
      • Table Key Footwear Retailers in South Korea
    • Books, News and Stationery
      • Table Key Books, News and Stationery Retailers in South Korea
    • Electrical and Electronics
      • Table Key Electrical and Electronics Retailers in South Korea
    • Food and Grocery
      • Table Key Food and Grocery Retailers in South Korea
    • Health and Beauty
      • Table Key Personal Care Retailers in South Korea
    • Furniture and Floor Coverings
      • Table Key Furniture and Floor Coverings Retailers in South Korea
    • Home and Garden Products
      • Table Key Home and Garden Products Retailers in South Korea
    • Music, Video and Entertainment Software
      • Table Key Music, Video and Entertainment Retailers in South Korea
    • Sports & Leisure Equipment
      • Table Key Sports & Leisure equipment Retailers in South Korea
    • Jewelry, Watches and Accessories
      • Table Key Jewelry, watches and accessories Retailers in South Korea
    • Luggage and Leather Goods
      • Table Key Luggage and Leather Goods Retailers in South Korea
  • Appendix
    • Definitions
      • This report provides 2015 actual sales; while forecasts are provided for 2016-2020
        • Table South Korea Exchange Rate KRW-US$ (Annual Average), 2010-2015
        • Table South Korea Exchange Rate KRW-US$ (Annual Average), 2016-2020 Forecasts
        • Table Verdict Retail Channel Definitions
        • Table Verdict Retail Category Definitions
    • Summary Methodology
      • Overview
      • The triangulated market sizing method
      • Industry surveys in the creation of retail market data
      • Quality control and standardized processes
    • About Verdict Retail
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report