Current Facts About The Korean Market
5월 22, 2013

The Korean Market: Huge. 

  1. Korea's population: 50 million, with strong purchasing power.
  2. Korea's GDP as of 2011: in the range of US$1.16 trillion.
  3. 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
  • Japan.

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

  • Indonesia;
  • Singapore;
  • Malaysia;
  • Philippines;
  • Thailand; and
  • Vietnam.

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