The Korean Market: Huge.
- Korea's population: 50 million, with strong purchasing power.
- Korea's GDP as of 2011: in the range of US$1.16 trillion.
- Korea's GDP per capita: $22,778.
Geographically, Korea is situated at the center of maritime & air transportation networks in Northeast Asia. Northeast Asia has now become one of the three global economic pillars, along with the US and Europe.
Korea's its high-end market is recognized as the 'global trend-setter' in the region. There are 61 cities with a population of more than 1 million within a 3-hour flight from Seoul.
Korea's response to new products affect companies' marketing strategies for:
1. Korea's neighboring countries:
- China; and
Korea, China, and Japan's total population exceeds 1.52 billion, or 22% of the global population, and their trade volume is $5.32 trillion, or 17.6% of total world trade. Their combined GDP is about $14 trillion.
2. ASEAN nations
- Thailand; and