APAC is the fastest growing region in the world, contributing two thirds of the global growth over the past decade. The rising middle class, rapid urbanization, the population mix, altogether drive the strong and stable economic growth. One fundamental enabler of such growth is the rapid digital advancement with real-time and endless information flow that has substantially influenced and transformed how consumers behave.
South Korea has been a strategic location in the centre of East Asia offering a geographic advantage in the region with easy access to other markets. The metropolis of Greater Seoul with 25 million people, is within 2-hour reach from megacities like Shanghai, Tokyo and Hong Kong, is one of the most fast-moving and trendy consumer goods markets in the world.
The Korean consumer is well-informed, tech savvy and the choices they make, brands rising and trends originating from Korea does not stop at the national border but has a strong regional soft power influence in all over Asia, and recently globally. Oscar-winning “Parasite”, the global streaming hit “Squid game”, K-pop phenom BTS, Black Pink etc., are all just the tip of the iceberg in what is referred to as Hallyu, or the “K-culture wave”. Illustrating this, 20% of the brand ambassadors for global luxury retailer Chanel is from Korea (2022). With more than 15 million visitors from the region (pre-pandemic) to Korea, the market is a good way to reach and influence Asian consumers.
Being home to 51 million people in a one-fifth sized of Sweden, South Korea offers a dynamic consumer market as well as advanced domestic industries with a global reach. The EU-Korea FTA came into effect in July 2011 and aims not only to eliminate most tariffs but also to harmonize non-tariff barriers such as standards and regulations. The large (390 bUSD, 2019) market is ranked 3rd largest retail market in Asia Pacific in terms of size and brand power. More and more global retailers view Korea as a test market to reach a broader base of consumers in Asia.
Moreover, Korea is one of the world’s most digitized countries being the first country globally to launch 5G. The online retail market is the 5th largest in the world. With a steadily growing number of “jikgu”, or cross-border orders from e.g. the US making up a large portion, the market figures not shown in the statistics are even larger. Hence the online part of retail keeps growing, with approximately 50% of total market in 2020.
Scandinavian brands bring a positive perception in Korean market, where they can leverage a favourable Swedish or Scandinavian image of premium, sustainable and functional design with high-quality. In a recent poll made in of the leading dailies, Sweden came out 2nd of most preferred country brands out of 20 pre-defined countries.
To capture the potential in the South Korean market, you are invited to Swedish Lifestyle Week Seoul 2022, November 14-18. The lifestyle week is a recurring signature event arranged by Business Sweden in Seoul. The event has been arranged for more than 10 years, bringing buyers, distribution partners, consumers, and influencers together.
To capture the potential in the dynamic South Korean market, Swedish brands within design, interior and fashion are invited to Swedish Lifestyle Week Seoul 2022, November 14-18.
The main purpose for participating in the Lifestyle week are:
- A cost-efficient way of matchmaking with potential distributors and buyers
- A hands-on way to visit and learn about the Korean retail market, with visits to different offline and online channels
- Unique opportunity to network with local industry decision-makers at a VIP dinner reception in Seoul
- Understand the e-commerce dynamics and digital marketing strategy needed to succeed
- Learn about the fast-moving business culture- what is needed in terms of market commitment, timing of shipping, logistics etc.
- Insights in How to leverage and position your brand in the local market
To register your interest to participate, contact SookYoung Lim. Last day to register is 15 of August 2022.