82% of South Korean consumers believe that they are currently living in a recession. This is indicative of an intensifying 'recessionary mindset' influencing consumer behavior. Symptomatic of falling consumer confidence is that more than one-in-four South Korean consumers experienced a worsening financial situation, falling job security and falling confidence in the housing market in 2008-09.
Scope of this research
- Detailed analysis documenting South Korean consumers' 'recessionary mindset' and how this influences perceptions about current and future prospects
- Insights highlighting how the economic downturn has affected perceived quality of life, emotional wellbeing and financial security in South Korea
- In-depth analysis of South Korean shoppers' changing value consciousness and attitudes towards private label across four major FMCG sectors
- Countries and categories covered: South Korea; food and non-alcoholic beverages, alcoholic beverages, personal care and household care
Research and analysis highlights
25% of South Korean consumers feel that their lifestyle has been impacted by the recession. As a result, many consumers have been forced to re-evaluate their spending, including where they do their grocery shopping as well as their in-store choices.
21% of South Korean shoppers are 'frequent buyers' of private label products. Many are now likely to consider private label products to be on a par, if not better than market leading brands across sectors.
For more than half of South Korean shoppers, lower prices have a high amount of influence over where people do their shopping. Nevertheless, the quality of products sold has more influence over their (changeable) grocery shopping destinations. This is symptomatic of the intensifying value-consciousness across FMCG product sectors.
Key reasons to purchase this research
- Gain a detailed understanding of changing consumer attitudes and behaviors amid the downturn in order to determine appropriate recessionary strategies
- Obtain country and sector specific insight about pertinent recessionary themes such as private label and consumers' value consciousness
- Assist consumer segmentation and targeting efforts by accessing data from two waves of primary research conducted in August 2008 and April 2009