This article is about the main trends in South Korea for 2024. It will give a brief overview of the current market, then present some predictions on what to expect from this country in the future.
The first trend we will talk about is food and drink. This sector has been growing steadily in recent years, with an increase of 5% between 2017 and 2018 alone. The main driver of this growth was due to increased demand for healthy products, as well as increased purchasing power among citizens. In 2024, there are expected to be even more innovations within this space that could lead to further growth in sales, but also change the way people consume their food and drink habits, not only at home, but also when They eat out or buy takeout.
Another booming sector in South Korea is cosmetics. This industry has seen a huge growth of 20% in the last two years, and is expected to continue this upward trend in 2024. The main reason for this growth is the increasing popularity of Korean-style makeup, which has been gaining attention in everyone. Furthermore, there is a growing demand for natural and organic cosmetic products, which is also reflected in the latest trends in South Korea.
The last trend we will discuss is e-commerce. This sector has seen incredible growth in recent years, with an average annual growth rate of 36%. In 2024, this number is expected to grow even more as more and more people switch to buying things online. This is largely due to the increasing availability of high-speed Internet, as well as the growth of mobile commerce. As a result, we can expect to see even more new South Korean e-commerce companies emerge in the coming years.
Here is the list:
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1. Beauty products
It’s no secret that South Koreans take their beauty regimen seriously. In fact, the country has one of the highest per capita spending rates on skin care products in the world. And this trend looks set to continue in 2024, with even more people investing in brands like Laneige and Sulwhasoo.
2. Food and drinks
The Korean food and beverage industry is booming, with a growth rate of 5% between 2017 and 2018. This is largely due to the growing popularity of healthy foods, as well as the increase in citizens’ disposable income. . In 2024, there is expected to be even more innovation within this space, which could lead to further growth in sales.
3. Electronics
South Koreans are well known for their love of electronics, and this is evident in the country’s high spending on gadgets and home appliances. In 2024, this trend is expected to continue, with more people purchasing items such as smart TVs, smartphones, and game consoles.
4. Fashion
South Korea’s fashion industry is constantly evolving, with new styles and trends emerging every year. In 2024, the country is expected to see a rise in the popularity of athleisure clothing, as well as a growing demand for eco-friendly clothing.
5. Laptops
With the increasing availability of high-speed Internet, it’s no surprise that South Koreans are buying more laptops than ever. In 2024, this trend is expected to continue, with more people opting for wearable devices that can be used for both work and entertainment.
6. Mobile phones
South Koreans are some of the most avid mobile phone users in the world, and this is reflected in their high spending on phones. In 2024, this trend is expected to continue, with more people purchasing smartphones that are equipped with the latest features and technologies.
7. Car accessories
As a country that is well known for its love of automobiles, it is no surprise that South Korea has a thriving auto accessories market. In 2024, this trend is expected to continue, with more people purchasing items such as GPS navigation systems and car audio systems.
8. Toys for children
The children’s toy industry is growing rapidly in South Korea, thanks to the growing popularity of K-pop and other trends in Korean culture. In 2024, this trend is expected to continue, with more parents investing in toys that can help their children learn about Korean culture.
9. Appliances
South Koreans are known for their love of home appliances, and this is reflected in their high spending on items such as refrigerators, air conditioners, and washing machines. In 2024, this trend is expected to continue, with more people purchasing appliances that are energy efficient and equipped with the latest features.
10. Stationery
In South Korea, stationery is not just for school children, it is also a popular hobby among adults. In 2024, this trend is expected to continue, with more people purchasing items such as notebooks, pens and stickers.
Conclusion
South Korea is a country well known for its love of electronics, fashion, and automobiles. As such, it is no surprise that the e-commerce industry in South Korea is booming, with more people purchasing products online than ever before. In 2024, this trend is expected to continue, with even more people investing in digital products and services. Thanks to the growth of high-speed Internet access and the popularity of mobile commerce, we can expect to see even more South Korean startups emerge in the coming years.
