“With growing expectations for quality of life, the market for premium goods is experiencing strong growth, centered around developing countries like those in Southeast Asia.” (image: KobizMedia/ Korea Bizwire)
SEOUL, Dec. 21 (Korea Bizwire) – The recent Global Premiumization Survey by marketing research firm Nielsen revealed that when it comes to products that Koreans are willing to pay more for to obtain premium versions of, “clothing and shoes” (30 percent) were the most popular.
“Cosmetics” (28 percent), “personal electronics” such as smartphones and tablets (27 percent), “cars” (21 percent), and “coffee and tea” (20 percent) followed.
The responses differed slightly from the rest of the global population, where the average individual expressed an interest to invest most in premium “personal electronics” (37 percent), followed by “clothing and shoes” (36 percent).
Noticeably, a significant number of the global survey participants also chose “meat and seafood” (30 percent) and “dairy products” (30 percent), which weren’t as popular among Korean consumers.
In terms of the properties of the premium products that Koreans would sacrifice extra cash on, the response “products that offer exceptional functionality and performance” (32 percent) was most popular, followed by “products that meet higher quality and safety standards” (27 percent), and “products with organic or natural ingredients” (23 percent).
In contrast, global consumers deemed most important “products that meet higher quality and safety standards” (48 percent), followed by “products that offer exceptional functionality and performance” (42 percent), and “products with organic or natural ingredients” (42 percent).
“With growing expectations for quality of life, the market for premium goods is experiencing strong growth, centered around developing countries like those in Southeast Asia,” said Shin Eun-hee, the managing director of Nielsen Korea.
The Nielsen report was based on 31,935 consumers from 63 countries across the world. Of the respondents, 504 were from Korea.
By Lina Jang (linajang@koreabizwire.com)
