SEOUL, Nov. 16 (Korea Bizwire) – The number of convenience stores in South Korea has surpassed 33,000 as of the end of October this year, marking a rapid growth since the opening of the first store 27 years ago, industry statistics showed Wednesday. The number indicates a significant increase from 28,994 counted at the end [...]
SEOUL, Oct. 20 (Korea Bizwire) – The number of single-person households is rising quickly in Korea. They accounted for 27.2 percent of all households (5.2 million out of 19.1 million) in 2015, and officials expect to see a continued increase to at least 35 percent. Along with the changing social structure, the market for goods [...]
SEOUL, Sept. 26 (Korea Bizwire) – Households comprised of one or two people will account for over 60 percent of Seoul’s total population by 2040, a report showed Monday. Byeon Mi-ri, chief of the Global Future Research Center under the Seoul Institute, said 30 percent of homes in the capital city will be made up [...]
SEOUL, Sept. 5 (Korea Bizwire) – The demand for smaller refrigerators emphasizing function and design is on the rise. Korea’s rapidly increasing number of single-person households, “value-spending” on higher-satisfaction products, and a rising consumer interest in kitchen interior design are among major factors contributing to the trend, says industry watchers. The domestic market for smaller [...]
SEOUL, Aug. 8 (Korea Bizwire) – ‘Kinfolk life’ is a term derived from Portland, Oregon based Kinfolk magazine, which promotes a slow lifestyle by providing different ways for readers to simplify their lives, cultivate community, and spend more time with friends and family, or kinfolk. The number of such ‘kinfolk’ seekers has grown in recent [...]
SEOUL, Aug. 5 (Korea Bizwire) – Frozen food was once seen as mere ‘survival food’ for hungry students, who would simply throw a prepared meal into the microwave and run it for a few minutes. But the popularity of these quick and convenient meals has soared thanks to improved quality, diversity, and most importantly, a [...]
SEOUL, June 16 (Korea Bizwire) – The number of single-person households is rising rapidly across Korea. In fact, more than 24 percent of homes in Seoul are made up of just one person, with the rate expected to reach 30 percent in 2035. This phenomenon is also affecting the agriculture market. ‘The more the better’ [...]
SEOUL, May 14 (Korea Bizwire) – Korea’s aging society is affecting both consumers and businesses, as both the working class and consumers are growing older. According to the Hyundai Research Institute, the market for senior citizens was valued at 27 trillion won in 2012. The market is expected to increase by an average of 13 [...]
SEOUL, May 13 (Korea Bizwire) – A recent study has revealed that housing expenses, among other basic living costs, are the biggest financial burden for single-person households. The Korea Consumer Agency conducted a study on 1,000 single-person household consumers, in which 37.8 percent of participants pointed to housing expenses as their biggest financial burden. When [...]
SEOUL, March 18 (Korea Bizwire) – The rapid increase in the number of single- person households is bringing about great change in consumer behavior. As a result, companies are changing tactics to meet the new market reality. According to a report from the Segye Ilbo, a Korean daily newspaper, the number of single-person households was [...]