{"id":2201346,"date":"2023-06-12T17:54:55","date_gmt":"2023-06-12T08:54:55","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201346"},"modified":"2023-06-13T19:08:07","modified_gmt":"2023-06-13T10:08:07","slug":"how-wealth-taste-and-demographics-are-changing-south-koreas-retail-sector","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/06\/how-wealth-taste-and-demographics-are-changing-south-koreas-retail-sector\/","title":{"rendered":"How wealth, taste and demographics are changing South Korea\u2019s retail sector"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Recent South Korean tax <\/span><a href=\"https:\/\/www.nts.go.kr\/nts\/na\/ntt\/selectNttInfo.do?mi=2201&amp;bbsId=1028&amp;nttSn=1323914\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> provides a snapshot of the nation\u2019s retail environment, specifically focusing on 100 types of \u201cmain street\u201d shops that constitute a large portion of consumer-driven commercial activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This activity, however, is progressively shifting away from physical main streets and carving its path within the virtual world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A discernible disparity has also surfaced between retail trends in the capital region and those in other areas of the country. Much of the growth in the country\u2019s retail economy is online and concentrated in the capital. But for outlets in other parts of the country, the situation is less extreme.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On a national level, trends suggest a robust and continuous growth trajectory for internet retail, guesthouses, coffee shops and a variety of indoor leisure facilities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The explosive growth in online retail outlets in the capital region points to potential market saturation for other types of outlets in the same geographical area.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The impact of COVID-19 has spurred some noticeable trends. For example, it has led to a substantial decline in the number of karaoke parlors and public saunas.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Long-term trends are also shaping the retail landscape. The country is gradually veering away from budget motels and simpler drinking facilities, gravitating toward more upscale guesthouses and high-end dining establishments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A decline in the number of wedding halls correlates with falling marriage and birth rates.<\/span><\/li>\n<\/ul>\n<div id=\"attachment_2201351\" style=\"width: 1880px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2201351\" class=\"wp-image-2201351 size-full\" src=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/06\/pexels-karolina-grabowska-4968391.jpg\" alt=\"\" width=\"1870\" height=\"1000\" srcset=\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/pexels-karolina-grabowska-4968391.jpg 1870w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/pexels-karolina-grabowska-4968391-935x500.jpg 935w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/pexels-karolina-grabowska-4968391-1255x670.jpg 1255w\" sizes=\"(max-width: 1870px) 100vw, 1870px\" \/><p id=\"caption-attachment-2201351\" class=\"wp-caption-text\"><em>A person using a laptop while holding a credit card, July 22, 2020 | Image: Karolina Grabowska via Pexels<\/em><\/p><\/div>\n<p><b>THE INTERNET AND COVID-19<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Though one might expect the internet marketplace for a country as highly networked as South Korea to be thoroughly saturated, that is not the case. From Sept. 2014 to late 2022, the number of internet retail outlets <\/span><a href=\"https:\/\/www.data.go.kr\/data\/15046194\/fileData.do?recommendDataYn=Y\"><span style=\"font-weight: 400;\">soared<\/span><\/a><span style=\"font-weight: 400;\"> from 128,342 to 543,088 \u2014 a 323% rise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this statistic veils an even more dramatic surge since late 2018, when more than half of all internet outlets online today came into existence (starting from a base of 218,616). This escalation reflects a combination of a structural trend \u2014 a steady shift of retail to online platforms \u2014 and the impact of the COVID-19 pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A significant proportion of this internet commerce is based in the capital, as indicated by South Korean government data. This trend emphasizes the regional disparities underpinning the expanding realm of e-commerce. This disparity becomes more evident when examining the age distribution of e-commerce; the majority of online traders are under 40, a demographic that aligns with the lower median age of the capital region compared to the rest of the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, the average age of these firms was two years and seven months as of late 2022, suggesting that a large portion of the companies still in operation at that time were established during the pandemic. Meanwhile, traditional retail outlets such as food shops, grain shops, tobacconists, and stationery stores are on a declining trajectory as convenience stores and internet shops proliferate across the nation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Internet firms possess the youngest demographic in terms of their owners and the firms themselves. However, cafes and skincare businesses exhibit a similar trend in regard to both facets: they are booming and are typically run by younger owners and firms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While becoming a skincare specialist or a barista requires training and <\/span><a href=\"https:\/\/www.jobkorea.co.kr\/goodjob\/tip\/view?News_No=19056&amp;schCtgr=0\"><span style=\"font-weight: 400;\">certification<\/span><\/a><span style=\"font-weight: 400;\">, all three of these businesses are characterized by relatively low capital costs, with small-scale internet businesses leading the pack. More importantly, they are all riding the wave of the wealth effect, which is redefining the landscape of South Korea\u2019s retail sector.<\/span><\/p>\n<p><b>THE WEALTH EFFECT<\/b><\/p>\n<p><span style=\"font-weight: 400;\">As citizens become wealthier, their tastes become more discriminating, a trend clearly reflected in the ROK\u2019s retail data. Traditional mainstays of the Korean restaurant and bar industry are becoming less prevalent in the real business environment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since 2014, the number of simple bars and draft beer outlets on roadsides covered by tarpaulin has been declining. In contrast, there has been a surge in establishments offering Western food, fast food, bakeries and Chinese and Japanese cuisine.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Parallel to these tangible changes, there has also been a more nuanced shift, largely cosmetic, aiming to meet the demands of a more affluent society. This includes the transition from motels to guesthouses and the replacement of reading rooms with study rooms, catering more to students and workers than children yet offering essentially the same amenities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These changes in consumer behavior coincide with an increase in professional services, such as lawyers, labor attorneys, surveyors and real estate agents. While a wealthier market that can sustain more professional services may be a driving factor, the growing number of professionals entering these fields suggests potential saturation in these sectors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, changes in societal attitudes toward mental health may be fueling the significant increase in psychiatry clinics. The majority of these clinics are in wealthier areas of Seoul, but there has been significant growth in other major cities as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This change may indicate a decrease in the stigma surrounding mental illness and an increasing prevalence of mental health issues, a trend that has far-reaching implications beyond the retail sector.<\/span><\/p>\n<div id=\"attachment_2201358\" style=\"width: 1880px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2201358\" class=\"size-full wp-image-2201358\" src=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/06\/Untitled-design-12.png\" alt=\"\" width=\"1870\" height=\"1000\" srcset=\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/Untitled-design-12.png 1870w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/Untitled-design-12-935x500.png 935w, https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/06\/Untitled-design-12-1255x670.png 1255w\" sizes=\"(max-width: 1870px) 100vw, 1870px\" \/><p id=\"caption-attachment-2201358\" class=\"wp-caption-text\"><em>An illustration of a family walking their dogs | Image: Korea Pro<\/em><\/p><\/div>\n<p><b>EVOLVING DEMOGRAPHICS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Shifting family dynamics in South Korea\u2019s capital region, specifically the trend away from traditional nuclear families, marriage and child-rearing, manifest in a variety of economic metrics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the most telling signs of this transformation is the significant increase in the number of establishments that offer pet supplies, which experienced a 200% growth since Sept. 2014, and 46% since late 2018. Concurrently, animal hospitals saw a 30% increase since 2014 and 12% since 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It appears that South Koreans are increasingly turning to pets as substitutes for children, altering the consumer landscape in the process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dwindling number of wedding halls further illustrates these changing familial structures. With an aging population and a shrinking pool of unmarried adults, more weddings are occurring at upscale venues, contributing to the decline in traditional wedding halls.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the resilience of travel agencies, which witnessed an impressive 27.6% growth from 2014 to 2022, seems to suggest enduring demand from older customers for travel services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, South Koreans are exhibiting robust demand for services related to beauty and health, likely driven by a desire to maintain a youthful appearance. This is reflected in the growth of skin care businesses (218% since 2014, 70% since 2018), plastic surgery clinics (22% since 2014, 13% since 2018), and skin\/urinary clinics (35.8% since 2014, 17% since 2018).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These developments, while seemingly disparate, all point to a significant shift in societal norms and values. As South Koreans grapple with an evolving family structure, the country\u2019s retail and service sectors are being reshaped in response.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Edited by John Lee<\/span><\/i><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Recent South Korean tax data provides a snapshot of the nation\u2019s retail environment, specifically focusing on 100 types of \u201cmain street\u201d shops that constitute a large portion of consumer-driven commercial activity.\u00a0 This activity, however, is progressively shifting away from physical main streets and carving its path within the virtual world. A discernible disparity has also [&hellip;]<\/p>\n","protected":false},"author":10207,"featured_media":2201349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,25],"class_list":["post-2201346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-culture-society"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How wealth, taste and demographics are changing South Korea\u2019s retail sector - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/06\/how-wealth-taste-and-demographics-are-changing-south-koreas-retail-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How wealth, taste and demographics are changing South Korea\u2019s retail sector - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Recent South Korean tax data provides a snapshot of the nation\u2019s retail environment, specifically focusing on 100 types of \u201cmain street\u201d shops that constitute a large portion of consumer-driven commercial activity.\u00a0 This activity, however, is progressively shifting away from physical main streets and carving its path within the virtual world. 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