The annual figure jumped by 8.5 percent over the same period, while the overall number of patent applications dropped 2.3 percent. (Image: Yonhap)
SEOUL, March 30 (Korea Bizwire) — Patent applications for leisure products are rising in South Korea, in tandem with a newfound appreciation for work-life balance among busy workers.
Data from the Korean Intellectual Property Office (KIPO) revealed the number of patent applications for leisure products filed between 2015 and 2017 stood at 75,369.
The annual figure jumped by 8.5 percent over the same period, while the overall number of patent applications dropped 2.3 percent.
“Given the increasing discussions of work-life balance, and new legislation to cap weekly working hours, we expect a shift towards a culture that emphasizes a better quality of life,” said Lee Jae-woo, a senior official at the KIPO.
When broken down by types of products, leisure wear accounted for just over 50 percent, while hiking gear accounted for 13.9 percent.
In the meantime, sports products, and games and toys accounted for 12.7 percent and 11.6 percent, respectively, while patent applications for fishing and golf products also rose.
Experts say the number of patent applications for leisure wear grew with a focus on versatility and functionality, as these garments can be worn both on a daily basis as well as for sports activities.
Sports product patent applications also rose by 9 percent year-on-year, on the back of growing health awareness and a booming sports product industry, as well as the PyeongChang Olympics and Paralympics that increased public interest in sports.
With the fishing population estimated to have surpassed 7 million, and a growing number of fishing-themed TV shows, fishing product patent applications also rose by 5.8 percent.
The patent figure for golf products nearly doubled last year, boasting the biggest jump. During the same year, South Korean female golfers landed a total of 15 LPGA wins.
Lee says companies hoping to cash in on the new social trend need to act quickly.
“It is important to make the first move in securing trademark rights that catch consumer attention,” he added.
Private patent applications accounted for nearly 55 percent of the total, while 28.6 percent were filed by small and medium-sized enterprises, with analysts noting that smaller companies are more likely respond quickly and with flexibility to specialized leisure goods demand.
Ashley Song (ashley@koreabizwire.com)
