Summary
South Koreas retail sector is expected to witness healthy growth over the next five years backed by improving economic conditions, government efforts at boosting domestic consumption, relatively low inflation levels, and increasing disposable income. Ubiquity of high-speed internet access and increasing adoption of mobile devices is 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 number of international tourists contributing to retail sales
Synopsis
Retailing in South Korea - Market Summary and Forecasts, 2014-2019 provides data for historic and forecast retail sales, and also includes information on the business environment and country risk related to the South Korea retail environment. In addition, it analyses the key consumer trends influencing the South Korea retail industry.
What else does this report offer?
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 that includes 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; Luggage and Leather Goods
Qualitative and quantitative insights of changing retail dynamics across various channels
Reasons To Buy
Gain a comprehensive knowledge on 26 products across 12 product sectors in the South Korea retail market and develop a competitive advantage around consumer behaviour 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 behaviour 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 2009, with forecasts until 2019
Analysis of key international and domestic players operating in the South Korea retail market - including store counts and revenues that give you a competitive edge - identify opportunities to improve your market share
Table Of Contents
1 Introduction
1.1 What is this Report About?
2 Executive Summary and Outlook
3 Market Context
3.1 Steady economic factors to benefit retailers
3.1.1 South Koreas export-reliant economy is at cross roads
3.1.2 Steady rise in savings rate is a concern for retailers
3.1.3 Services sector continues to be the major sector for employment
3.1.4 Low inflation levels to benefit retailers
3.1.5 Rise in consumption expenditure- a positive sign to reckon with
3.1.6 Increasing urbanization offers growth opportunities for retailers
3.2 Aging population pose challenges for retailers
4 South Korean Shoppers
4.1 Retailers adopting omnichannel strategies to increase their customer base
4.2 Surge in m-commerce with the rise in smartphone ownership and mobile internet penetration
4.3 Increasing adoption of private label brands threatens national brands
4.4 Social commerce is on exponential rise in South Korea
4.5 Luxury retailers are targeting affluent locals
4.6 Herd consumption behavior rampant in South Korean society with the desire for self-satisfaction growing among single workers
4.7 Increasing number of international tourists contributing to retail sales
5 Doing Business in South Korea
5.1 Summary
5.1.1 Bureaucracy
5.1.2 Business culture
5.1.3 Infrastructure and logistics
5.2 Business reforms in South Korea in the recent past
5.3 Korea eases rules for foreign investors
6 Internet and Technology
6.1 Broadband, Mobile Phone, and Internet Users
6.1.1 Social media usage through smartphones on a rise- An opportunity for retailers
7 Retail Topline
7.1 Total Retail
7.1.1 Online Sales and Growth
7.2 Summary of product sectors
7.2.1 Share of key product sectors
7.2.2 Key product sectors
7.3 Summary of channels
7.3.1 Spend per Channel
7.3.2 Online Penetration of Key Product Sectors
8 Retail - Product Sectors
8.1 Product Sector Analysis
8.1.1 Clothing
8.1.2 Footwear
8.1.3 Books, News, and Stationery
8.1.4 Electrical and Electronics
8.1.5 Food and Grocery
8.1.6 Health and Beauty
8.1.7 Furniture and Floor Coverings
8.1.8 Home and Garden Products
8.1.9 Music, video, and entertainment Software
8.1.10 Sports and Leisure Equipment
8.1.11 Jewelry, Watches, and Accessories
8.1.12 Luggage and Leather Goods
9 Retailers
9.1 Clothing
9.2 Footwear
9.3 Books, News and Stationery
9.4 Electrical and Electronics
9.5 Food and Grocery
9.6 Health and Beauty
9.7 Furniture and Floor Coverings
9.8 Home and Garden Products
9.9 Music, Video and Entertainment Software
9.1 Sports and Leisure Equipment
9.11 Jewelry, Watches and Accessories
9.12 Luggage and Leather Goods
10 Appendix
10.1 Definitions
10.1.1 This report provides 2014 actual sales; while forecasts are provided for 2015 - 2019
10.2 Summary Methodology
10.2.1 Overview
10.2.2 The triangulated market sizing method
10.2.3 Industry surveys in the creation of retail market data
10.2.4 Quality control and standardized processes
10.3 About Conlumino
10.4 Disclaimer
List Of Tables
Table 1: South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2009-2014
Table 2: South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2014-2019
Table 3: South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2009-2014
Table 4: South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2014-2019
Table 5: Major Domestic Retailers in South Korea
Table 6: Major International Retailers in South Korea
Table 7: Key Clothing Retailers in South Korea
Table 8: Key Footwear Retailers in South Korea
Table 9: Key Books, News and Stationery Retailers in South Korea
Table 10: Key Electrical and Electronics Retailers in South Korea
Table 11: Key Food and Grocery Retailers in South Korea
Table 12: Key Personal Care Retailers in South Korea
Table 13: Key Furniture and Floor Coverings Retailers in South Korea
Table 14: Key Home and Garden Products Retailers in South Korea
Table 15: Key Music, Video and Entertainment Retailers in Turkey
Table 16: Key Sports and Leisure equipment Retailers in South Korea
Table 17: Key Jewelry, watches and accessories Retailers in South Korea
Table 18: Key Luggage and Leather Goods Retailers in Turkey
Table 19: South Korea Exchange Rate KRW-USD (Annual Average), 2009-2014
Table 20: South Korea Exchange Rate KRW-USD (Annual Average), 2015-2019 Forecasts
Table 21: Conlumino Retail Channel Definitions
Table 22: Conlumino Retail Category Definitions
List Of Figures
Figure 1: GDP Value (US$ billion), 2009-2014
Figure 2: Growth Rate of GDP (US$ billion, %), 2009-2014
Figure 3: GDP Value and Growth (KRW billion, %), 2008-2014
Figure 4: Forecasts for GDP Value and Growth (KRW billion, %), 2014-2019
Figure 5: Household Savings Rate (%), 2004-2014
Figure 6: Share of Employment by Sector (%), 2004 and 2014
Figure 7: Unemployment Rate (%), 2005-2014
Figure 8: Inflation Growth Rates (%), 2004-2014
Figure 9: Household Consumption Expenditure of South Korea (KRW billion), 2004 and 2014
Figure 10: Household Consumption Expenditure of Major Countries (US$ billion), 2014
Figure 11: Growth of Household Consumption Expenditure (US$, %), 2004-2014
Figure 12: Rural and Urban Populations (millions) 2004, 2014 and 2019
Figure 13: Total Population and Growth Rate (Millions, %), 2004-2019
Figure 14: Population Split by Gender (%), 2014 and 2019E
Figure 15: Population Split by Age Group (%), 2014 and 2019
Figure 16: Per Capita Spend on Retail (KRW), 2006 and 2014
Figure 17: Per Capita Spend (KRW) and Total Retail Spend by Age Group (%), 2006 and 2019
Figure 18: Retailers Adopting Omnichannel Strategies
Figure 19: Increasing penetration of M-commerce
Figure 20: Private label products offered by leading Korean retailers
Figure 21: Size of Koreas s-commerce market (2010-2014)
Figure 22: Luxury retailers strategizing to attract affluent locals
Figure 23: Tourist arrivals to South Korea, (in thousands), 2009 and 2014
Figure 24: Key Components of Doing Business in South Korea
Figure 25: Total Number of Fixed Broadband Users and Penetration (millions, %), 2004-2014
Figure 26:Total Number of Mobile phone subscriptions and Penetration (millions, %), 2004-2014
Figure 27:Total Number of Internet Users and Growth Rate (millions,%), 2004-2019
Figure 28:Forecast of Social Network User Penetration in South Korea and World (%), 2014
Figure 29: Retail Sales Value and Growth (KRW billion, %), 2006-2014
Figure 30: Retail Sales as % of Total Consumer Spend (%), 2006 and 2014
Figure 31: Total Retail Sales and Growth Rate (KRW billion, %), 2014 and 2019
Figure 32: Online Sales and Growth Rate (KRW billion, %) 2014-2019
Figure 33: Share of Key Product Sectors (%), 2014 and 2019
Figure 34: Growth Rate of Key Product Sectors vs. Growth of Total Retail (%), 2014-2019
Figure 35: Value Growth of Key Product Sectors (KRW billion), 2014-2019
Figure 36: Spend Per Channel 2014 and 2019
Figure 37: Online Penetration of Key Product Sectors (%), 2014
Figure 38: Online Penetration of Key Product Sectors (%), 2019
Figure 39: Share of Clothing in overall Retail 2014 and 2019
Figure 40: Retail Sales Value and Growth (KRW billion, %) of Clothing 2014-2019
Figure 41: Spend per Head on Clothing 2014 and 2019
Figure 42: Share of Clothing by Womenswear, Menswear, and Childrenswear 2014 and 2019
Figure 43: Womenswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 44: Menswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 45: Childrenswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 46: Online Spend in Clothing and growth, 2014-2019
Figure 47: Online Share of Total Clothing Spend 2014 and 2019
Figure 48: Spending per Channel in Clothing (%) 2014 and 2019
Figure 49: Share of Footwear in overall Retail 2014 and 2019
Figure 50: Retail Sales Value and Growth (KRW billion, %) of Footwear 2014-2019
Figure 51: Spend per Head on Footwear 2014 and 2019
Figure 52: Share of Footwear by Womens Footwear, Mens Footwear and Childrens Footwear 2014 and 2019
Figure 53: Womens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 54: Mens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 55: Childrens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 56: Online Spend in Footwear 2014-2019
Figure 57: Online Share of total Footwear Spend 2014 and 2019
Figure 58: Spending per Channel in Footwear (%) 2014 and 2019
Figure 59: Share of Books, News, and Stationery in overall Retail 2014 and 2019
Figure 60: Retail Sales Value and Growth (KRW billion, %) of Books, News, and Stationery 2014-2019
Figure 61: Spend per Head on Books, News, and Stationery 2014 and 2019
Figure 62: Online Spend in Books, News, and Stationery 2014-2019
Figure 63: Online Share of total Books, News, and Stationery Spend 2014 and 2019
Figure 64: Spending per Channel in Books, News, and Stationery (%) 2014 and 2019
Figure 65: Share of Electrical and Electronics in overall Retail 2014 and 2019
Figure 66: Retail Sales Value and Growth (KRW billion, %) of Electrical and Electronics 2014-2019
Figure 67: Spend per Head on Electrical and Electronics 2014 and 2019
Figure 68: Online Spend in Electrical and Electronics 2014-2019
Figure 69: Online Share of total Electrical and Electronics Spend 2014 and 2019
Figure 70: Spending per Channel in Electrical and Electronics (%) 2014 and 2019
Figure 71: Share of Food and Grocery in overall Retail 2014 and 2019
Figure 72: Retail Sales Value and Growth (KRW billion, %) of Food and Grocery 2014-2019
Figure 73: Spend per Head on Food and Grocery 2014 and 2019
Figure 74: Online Spend in Food and Grocery 2014-2019
Figure 75: Online Share of total Food and Grocery Spend 2014 and 2019
Figure 76: Spending per Channel in Food and Grocery (%) 2014 and 2019
Figure 77: Share of Health and Beauty in overall Retail 2014 and 2019
Figure 78: Retail Sales Value and Growth (KRW billion, %) of Health and Beauty 2014-2019
Figure 79: Spend per Head on Health and Beauty 2014 and 2019
Figure 80: Online Spend in Health and Beauty 2014-2019
Figure 81: Online Share of total Health and Beauty Spend 2014 and 2019
Figure 82: Spending per Channel in Health and Beauty (%) 2014 and 2019
Figure 83: Share of Furniture and Floor Coverings in overall Retail 2014 and 2019
Figure 84: Retail Sales Value and Growth (KRW billion, %) of Furniture and Floor Coverings 2014-2019
Figure 85: Spend per Head on Furniture and Floor Coverings 2014 and 2019
Figure 86: Online Spend in Furniture and Floor Coverings 2014-2019
Figure 87: Online Share of total Furniture and Floor Coverings Spend 2014 and 2019
Figure 88: Spending per Channel in Furniture and Floor Coverings (%) 2014 and 2019
Figure 89: Share of Home and Garden Products in overall Retail 2014 and 2019
Figure 90: Retail Sales Value and Growth (KRW billion, %) of Home and Garden Products 2014-2019
Figure 91: Spend per Head on Home and Garden Products 2014 and 2019
Figure 92: Online Spend in Home and Garden Products 2014-2019
Figure 93: Online Share of total Home and Garden Products Spend 2014 and 2019
Figure 94: Spending per Channel in Home and Garden Products (%) 2014 and 2019
Figure 95: Share of Music, Video, and Entertainment Software in overall Retail 2014 and 2019
Figure 96: Retail Sales Value and Growth (KRW billion, %) of Music, Video, and Entertainment Software 2014-2019
Figure 97: Spend per Head on Music, Video, and Entertainment Software 2014 and 2019
Figure 98: Online Spend in Music, Video, and Entertainment Software 2014-2019
Figure 99: Online Share of total Music, Video, and Entertainment Software Spend 2014 and 2019
Figure 100: Spending per Channel in Music, Video, and Entertainment Software (%) 2014 and 2019
Figure 101: Share of Sports and Leisure Equipment in overall Retail 2014 and 2019
Figure 102: Retail Sales Value and Growth (KRW billion, %) of Sports and Leisure Equipment 2014-2019
Figure 103: Spend per Head on Sports and Leisure Equipment 2014 and 2019
Figure 104: Online Spend in Sports and Leisure Equipment 2014-2019
Figure 105: Online Share of total Sports and Leisure Equipment Spend 2014 and 2019
Figure 106: Spending per Channel in Sports and Leisure Equipment (%) 2014 and 2019
Figure 107: Share of Jewelry, Watches, and Accessories in overall Retail 2014 and 2019
Figure 108: Retail Sales Value and Growth (KRW billion, %) of Jewelry, Watches, and Accessories 2014-2019
Figure 109: Spend per Head on Jewelry, Watches, and Accessories 2014 and 2019
Figure 110: Online Spend in Jewelry, Watches, and Accessories 2014-2019
Figure 111: Online Share of total Jewelry, Watches, and Accessories Spend 2014 and 2019
Figure 112: Spending per Channel in Jewelry, Watches, and Accessories (%) 2014 and 2019
Figure 113: Share of Luggage and Leather Goods in overall Retail 2014 and 2019
Figure 114: Retail Sales Value and Growth (KRW billion, %) of Luggage and Leather Goods 2014-2019
Figure 115: Spend per Head on Luggage and Leather Goods 2014 and 2019
Figure 116: Online Spend in Luggage and Leather Goods 2014-2019
Figure 117: Online Share of total Luggage and Leather Goods Spend 2014 and 2019
Figure 118: Spending per Channel in Luggage and Leather Goods (%) 2014 and 2019
Figure 119: The Triangulated Market Sizing Methodology
