South Korea is ranked as the seventh largest exporter in the world
and more than half of the country‘s GDP is export driven. The South
Korean retail industry is one of the largest markets among the Asian
countries; however, the global economic situation has had an effect on
South Korean economy. The slow recovery of the US economy and the
Eurozone debt crisis has put additional pressure on the country‘s
economy and GDP growth. The central bank of Korea has projected GDP
growth for 2012 to hover around 2.5%, based on the current economic
scenario. Consumers are also becoming cautious while shopping and are
looking out for better deals and offers given by the retailers. The
government has taken steps to increase consumer spending, and one of the
steps involves reducing the policy interest rates and providing
stimulus in the form of financial packages to rejuvenate the economy of
the country.
The retail sector is expected to grow at a steady pace and Canadean expects total retail sales in the country to touch US$290.2 billion by 2016, growing at a CAGR of 5.16% during the forecast period. South Korea has the highest internet penetration rate in the world and a dynamic communication services industry, which accounts for its status as one of Asia‘s fastest-growing online retail markets.
Consumer Attitudes and Online Retail Dynamics in South Korea
Published: September 2012 No. of Pages: 84
Price: Single User: US $ 1450 Corporate User: US $ 4350
According to Korean National Statistics, the average monthly consumption expenditure in South Korea rose by 4.3%. Koreans spend, on average, 40.5% of their monthly income on the consumptions of goods and this high disposable income has stimulated the growth of the South Korean online retail market. The convenient mode of online shopping offers better deals for a wide range of products including flexible modes of payment, which attract consumers to shop over the internet. Furthermore, high internet penetration and availability of high-speed mobile broadband are other driving factors behind the growth of online retailing in the country. Canadean expects online retail sales in South Korea to grow at a CAGR of 11.76% during the forecast period.
The retail sector is expected to grow at a steady pace and Canadean expects total retail sales in the country to touch US$290.2 billion by 2016, growing at a CAGR of 5.16% during the forecast period. South Korea has the highest internet penetration rate in the world and a dynamic communication services industry, which accounts for its status as one of Asia‘s fastest-growing online retail markets.
Consumer Attitudes and Online Retail Dynamics in South Korea
Published: September 2012 No. of Pages: 84
Price: Single User: US $ 1450 Corporate User: US $ 4350
According to Korean National Statistics, the average monthly consumption expenditure in South Korea rose by 4.3%. Koreans spend, on average, 40.5% of their monthly income on the consumptions of goods and this high disposable income has stimulated the growth of the South Korean online retail market. The convenient mode of online shopping offers better deals for a wide range of products including flexible modes of payment, which attract consumers to shop over the internet. Furthermore, high internet penetration and availability of high-speed mobile broadband are other driving factors behind the growth of online retailing in the country. Canadean expects online retail sales in South Korea to grow at a CAGR of 11.76% during the forecast period.
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