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2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
2008 Korean Economic Forecast
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2008 Korean Economic Forecast

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Korean Consumer Trends

Korean Consumer Trends

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  • 1. TNS, the sixth sense of business TM
  • 2.
    • Regional Director of TNS North Asia, Hong Kong, Singapore and IRC based in Seoul.
    • Leader of TNS Korea 1988-2005
    • He has led TNS Korea since joining the firm in 1986 in a socially responsible manner to become one of Korea’s most reliable and successful research firms.
    • Devoted husband and father of 3 Children
    • Active in the Korean expat community
    • 51 years old, US citizen
    • TNS in 1986 was an Australian company which was purchased by SOFRES the leading French research firm in 1995 which merged with Taylor Nelson AGB in 1998 and has since become the world’s largest custom research firm.
    - -
  • 3. Global Partner TNS A world leading market information group with over 14,000 employees providing more than 70 countries with : Number 2 in the World, Number 1 in Europe. TNS operates globally across 110 countries as a global market research group. Global revenue exceeded US$ 1.9 billion in 2006 Publicly Traded Company, listed on the London Stock Exchange (TNN) - - Market measurement Analysis Insight Advice
  • 4. TNS Korea
    • Established business in Korea in 1984
    • No. 1 in Customized Marketing Research in terms of Sales (36 billion won)
    • National field work system Operating branch offices in Pusan, Daegu, Daejun, and Kwangju
    • Amount of quantitative research : 2005 471 projects completed. Total 434,296 samples performed.
    • Amount of qualitative research : 2005 236 projects completed In-depth interview (807) / FGD (879)
    A Leading Marketing Information Group in Korea - -
  • 5. TNS Korea
    • TNS Korea has 5 offices located in Busan, Daegu, Daejon, Gwangju, and the main office located in Seoul.
    • The Seoul main office has 205 full time employees and among those are 100 highly experienced and qualified researchers.
    • Largest number of researchers in Korea
    • (95 researchers: 48% of total staff)
    • Relevant & diverse academic backgrounds such as marketing, advertising, business, psychology, statistics, journalism, computer science, chemistry, sociology, pharmacy, etc.
    Specialized consultants with relevant knowledge & backgrounds - -
  • 6. TNS Korea Client orientation We build the most appropriate team for each client Service excellence and efficiency Comprehensive quality management exists in all areas and at all levels Expertise and innovation We have a dedicated Innovation Team tasked with developing new services to solve research issues People development We invest significantly in training employees to meet the ever changing needs of our clients Our Strategic goal is… To be recognized as the global leader in delivering value added information and insights that help our clients to make more effective decisions. This approach involves strengthening our service around 4 core principles: - -
  • 7. TNS Korea No. of Sample No. of Project Performance of Quantitative projects Performance of various types of projects -2006 534,445 508 TOTAL 5,723 33 Gang Survey (Hall Test) 2,860 15 Product Placement survey 73,752 83 Internet Survey 9,671 45 CLT 8,480 4 Mailing 29,599 22 Mystery shopping 250,017 145 CATI 149,756 152 Face to face Interview 4,587 9 Telephone Interview No. of Sample No. of Project Performance of Qualitative projects 2,111 274 TOTAL 964 205 Quali session (FGD) 1,147 69 In-depth Interview - -
  • 8. TNS Korea Sector Expertise Automotive Social- Political Finance Technology Household Panel Healthcare Cosmetics Home appliance Lady Panel - -
  • 9. Korean Economic Forecast 2008
  • 10. TNS Korea
    • TNS Korea has the capacity and the expertise to conduct virtually all types of consumer research methods.
    • We have focused on areas such as fast moving consumer goods, media, telecommunications, IT, healthcare, automotive and retail industries.
    Scope of research TNS Korea 2006 Completed Projects World Panel (SCH D2) Healthcare (Sch D2 for global healthcare) Consumer (other) Technology Finance Business Services Automotive Social & Political Other 9% 30% 32% 4% 5% 9% 1% 10% 0% - -
  • 11. TNS Korea Our clients are leaders in their field - -
  • 12. TNS , the 6th sense of business Looking behind t he numbers, beyond the trends,be tween the lines We think differently wit intelligence attitude imagination … looking at things differently and seeing beyond the obvious … finding the right answers by knowing the right questions to ask … having the conviction and boldness to express a point-of-view … seeing the world in sharp focus - -
  • 13. Economic Trends
  • 14. Economic Increase is Noticeable
    • Increase in economic growth since the first quarter of 2007.
    [Source: Bank of Korea, Korean National Statistics Office] 2/4 3.3 2004 2005 2006 2007 Economic Growth Rate (based on previous years, %) Changes in Economic Growth Rate & Industry Production Rate 6.3 4.8 5.0 5.1 3.5 2.9 4.0 4.0 11.3 5.2 7.0 12.8 11.5 Economic Growth Rate Industry Production Rate Industry Production Rate (based on previous years, %)
  • 15. Balanced Growth of Exports and Domestic Consumption
    • Forecast for continued economic growth in 2008, supported by the balanced growth of exports and investments
    2005 2006 2007 2008 Export Domestic consumption Investment Expenditure [Source: Korean National Statistics Office] (%.p) Forecasted Growth By Demand Category
  • 16. Limited Recovery of Consumption
    • Consumption is recovering, however, the increasing rate of household consumption for this year’s second quarter did not follow the growth rate of the GDP.
    [Source: Bank of Korea] Growth of Household consumption Expenditure Growth of GDP (Same period of prev. % change) 2004 2005 2006 2007 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4
  • 17. Improving Trends in Household Consumption
    • Consumption can be expected to strengthen since attitudes towards current consumption have been improving for 2007.
    (%.p) Attitude Index (%.p) 2004 2005 2006 2007 2004 2005 2006 2007 [Source: Samsung Economy Research Institute] 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 Consumption Expenditure Index
  • 18. Optimistic View for Future Consumption
    • Furthermore consumers themselves expect to spend more in the future.
    [Source: Samsung Economy Research Institute] Future Consumption Expenditure Index 2004 2005 2006 2007 Future Consumption Expenditure Index: an index that represents consumer’s expected expenditure for a year by comparing from the current based year. It is preceded by 3~6 months to the actual expenditure. (%.p) 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4
  • 19. Outlook on the Main Domestic Economic Indicators [Source : LG economic research Institute, Samsung Economy Research Institute] Outlook on Main Domestic Economic Indicators 6.0 5.6 5.7 5.4 5.2 Return on corporate bond (%, avg) 813 775 772 778 821 KRW/ 100 ¥ (avg) 910 925 915 934 955 Currency rate (KRW / $ in avg) 3.1 3.3 3.2 3.4 3.5 Unemployment rate (%) 2.9 2.5 2.7 2.2 2.2 Inflation rate (%) -49 26 25 1 61 Current account balance (in billion $) 15.5 14.3 15.0 13.6 18.4 Import growth rate (general basis, %) 13.1 14.0 13.3 14.8 14.4 Export growth rate (general basis, %) 7.1 9.4 7.9 10.9 7.6 Plant and Equipment Investment 6.1 3.8 4.0 3.7 -0.4 Construction Investment 4.7 4.2 4.5 4.0 4.2 Consumer Expenditure 5.0 4.5 4.7 4.3 5.0 GDP growth rate (%) 2008 Annual 2 nd Half 1 st Half 2007 2006
  • 20. Divergent Consumer Consumption Trends
  • 21. Household Finances
    • Household debt, has caused more homes to save and as a result, limits the recovery of the consumption expenditure.
    [Source: Korean National Statistics Office Credit to Households – Bank of Korea ] Non-consumption expenditure including Direct tax, Public pension ,Social insurance Credit to households Non-consumption expenditure Income Consumption expenditure 1999 2000 2001 2002 2003 2004 2005 2006 2007 Post Economic Crisis 2002 World Cup 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4
  • 22. Consumption Expenditure
    • Consumption of food and clothing has stangated at the rate of overall spending growth while eating outside the home and expenditures on household appliances has absorbed ma greater share of consumer spending.
    [Source: Korean National Statistics Office] Household appliances Meals outside Food and beverages Consumption expenditure 1999 2000 2001 2002 2003 2004 2005 2006 2007 Post Economic Crisis 2002 World Cup Clothing and Footwear 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4
  • 23. Consumption Expenditure (Cont.)
    • Expenditures on communication has returned to normal growth levels after a surge leading up to the 2003.
    [Source: Korean National Statistics Office] Communication 1999 2000 2001 2002 2003 2004 2005 2006 2007 Post Economic Crisis 2002 World Cup Consumption expenditure Education Culture and recreation Medical care Transportation 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4 4/4 3/4 2/4 1/4
  • 24. Consumption Expenditure - Continuous Increase in Overseas Travel
    • Demand for passenger flights, which had been on a decline after the 1st quarter of 2007, has now been recovering since May 2007 with records on overseas travel and spending reached again this past summer.
    • Number of departures are expected to grow by around 16.3% on average annually until 2010 due to an increase in the Gross National Income per capita, lower cost of overseas trips due to won currency appreciation, and an increase in leisure activities.
    Number of Overseas Trips (Thous. KRW) [Source: Korean National Tourism Organization] ‘ 99 ‘ 99 ‘ 00 ‘ 01 ‘ 02 ‘ 03 ‘ 04 ‘ 05 ‘ 06 ‘ 07 Cost of Overseas Trips (Mil.US$) [Source: Bank of Korea] ‘ 99 ‘ 99 ‘ 00 ‘ 01 ‘ 02 ‘ 03 ‘ 04 ‘ 05 ‘ 06 ‘ 07 Travel Cost SARS Natives Departure 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 SARS 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4 4/4 1/4
  • 25. FMCG Trends: Health, Function & Premium, Cleanliness & Well-being
  • 26. FMCG Market Size * the cumulative data of each year’s first three quarters -1.2% 3.1% 3.2% [Source: TNS Worldpanel Korea] Market Size (Mil. KRW) MAT Q3/07 MAT Q3/06 MAT Q3/05 MAT Q3/04
  • 27. Food : Health , Convenience, and Practicality
    • Increased interests in health when buying or eating foods but perhaps less growth than in 2005 and 2006 when the fad trend was new.
    (% ch. In value) [Source: TNS Worldpanel Korea] * the cumulative data of each year’s first three quarters Mineral Water Frozen Food Others Kimchi Pickle Bean sprouts Ham Chicken Pork Beef Cereal Instant Coffee Coffee Beans Grape Seed Oil Salad Dressing Pre-Made Source Health Drink Coffee Drink Tea Beverage
  • 28. New Consumer Trends
  • 29. New Consumption Trend
    • A Treasure Hunter is a consumer who constantly searches for information on a product that gives the most value for money.
    • Tries to find the optimum product through various shopping channels as well as their own experience by looking to the online market, where numerous products can be found.
    • Carefully checks the quality, compares prices, and reviews websites, before making a decision to purchase an item.
      • DCinside (digital camera), Cetizen (mobile phone), NVinside (laptop), and MPnavi (mp3) help consumer’s make purchase decisions through consumer reviews, Q&A, and industry news.
     Treasure Hunter : Treasure Hunting for the best product [Source : LG economic research Institute]
  • 30. New Consumption Trend
    • ArtyGen are consumers who prefer artistic designs that are attached with products.
    • Focuses on the unique design and personality that a product conveys rather than a simple design.
    • The artistic designs have currently helped with the expansion to various industries such as fashion, electronics, furniture, interior design, architecture, etc.
      • Ssamzie has launched a clothing line and other fashion merchandise by incorporating designs from Andrew Warhola, a famous Pop artist.
      • LGE launched DIOS and also, H&M had signed a contract with Karl Lagerfeld, a chief designer of Chanel.
    • The reputation of an artist can be a powerful means to differentiate a brand as well as to obtain a premium image for the product.
    • A synergy is created when the concept that the brand pursues and the philosophy from a designer are in agreement.
     Arty Generation : Likes products that contain art [Source : LG economic research Institute]
  • 31. New Consumption Trend
    • Micro-media consumption means netizens create/share the personal media online such as UCC, blogs, mini-homepage, and etc. It is the opposite concept of mass media consumption.
    • This reflects that the companies should preemptively deal with changes of media under Web 2.0 environment . In addition, they should expand their interests into the internet, events, brand communities and other BTL (Below The Line) channels away from focusing on mass channels like TV stations, which are called ATL (Above The Line).
      • Aquafina from Pepsi developed a promotion where cash prizes or coupons were given to consumers on the spot, when found with Aquafina.
      • Apple has launched the iLife, a personal multi-media software which allows regular consumers to easily edit/manage video clips, compose music, decorate photos, and etc.
     Micro-media Consumption : Communicate with the world through a personal media. [Source : LG economic research Institute]
  • 32. New Consumption Trend
    • Cresumer literally means a creative consumer (Creative + Consumer).
    • Instead of passively participating in a company’s activities, a cresumer proactively assists with a company’s product development, design, sales, etc.
    • Currently, many businesses are welcoming the increased participation from cresumers.
      • IKEA (Swedish Furnishings Business) held a public design contest for its cresumers and reflected the winner’s design on actual furniture.
      • Lotte Mart takes into account consumers’ participations for the overall process, from development to sales, of its brands.
    • The rise of cresumers implies that there is an increasing trend for receiving vital information directly from consumers.
    • Prompt actions from management is becoming essential in order to quickly notice market changes through the help of consumers.
      • Zara (Spanish clothing line): a brand that quickly launches new products every week by receiving the latest up to date information on fashions, IT, sports, and entertainment from 1,000 cresumers worldwide
     Cresumer : Deeply involved in the managerial activities of a company [Source : LG economic research Institute]
  • 33. New Consumption Trend
    • Malling is a consumption activity which allows enjoyment, of not only shopping, but also various other activities in a large complex such as a shopping mall.
    • The number of consumers who enjoy shopping as well as other forms of entertainment are increasing.
      • KOEX in Samsungdong, Mall of America in US, Canal City in Japan, and Harbor City in Hong Kong are some examples of the malling characteristic.
    • The reason for the increase in malling is due to the rising needs for enjoyment of all forms of entertainment in one location.
    • Therefore, it is necessary to strategically create and design shopping areas so that customers can actually physically experience the brands.
     Malling : Shopping and Leisure , Killing two birds with one stone. [Source : LG economic research Institute]
  • 34. New Consumption Trend
    • There is a rise of a new consumption class which focuses on ordinary pleasures and popularity while there has been a slight shrinkage of the consumption of early adopters who are enthusiastic about new technology. This new consumption class is known as Slow Adopters and they are showing interests in new experiences and services.
    • The hit code is ‘Simplicity.’
      • Nintendo DS from Nintendo
      • Micro-blog service such as Tweeter of US, MogoMogo of Japan, me2DAY, and Playtalk of Korea are quickly spreading throughout the world.
      • Also, remember that the highly ranked games in the mobile games download rankings are games that are very simple and repetitive.
     Slow Adopter [Source : LG economic research Institute]
  • 35. Target Marketing : 3S (Single, Senior (New 40-NoMU), Silver)
  • 36. Single Economy : Growth and Potential
    • Increase of one-person household
      • The singles are given a lot of attention since the ‘single economy’ was chosen as one of the key words during the World Economic Forum (WEF) held in Davos, Switzerland in January 2007,.
      • The number of single person households are estimated to reach 5 million in 2007 when taking the increasing rate of domestic single person households among the 2030 generation into account.
    (10 thousand households) One-person Households Increase of Singles among 2030 Generation 22 957 957 102 164 224 300 1,295 1,439 1,590 Total household One-person households 6.9% 9.0% 12.7% 15.5% 20.0%(E) [Source: National Statistics Census] 107 167 223 271 436 339 Ages 35~39 Ages 30~34 Ages 25~29 (10 thousand people) 2005 2000 1995 1990 1985 1980 2005 2000 1995 1990 1985
  • 37. Single Market : Growth and Potential (Cont'd)
    • Consumption power of singles in their 30s
      • A consumption pattern study was conducted among 6,000 males and females in their teens to their 50’s in 2006. The result was that the average amount of allowance of singles in their 30’s was higher than that of the total respondents by 54.5%.
      • These singles in their 30’s tend to not be hindered by prices as their income level gets higher. Therefore, they invest in self-development, appearances, and pursue differentiated styles.
      • Sales of Hyundai Department store by each age level: the customers in their 30’s are the highest with 33% among the total sales. In particular, 71.6% of the 33% consist of sales from consumers ages 30~34. Also, 41% of the sales is from single customers ages 35~39. Likewise, the singles’ role in the sales of department stores are increasing every year; especially the increase of single customers in their 30’s are prominent.
      • Shinsegae E-mart has newly opened a ‘single zone’ and a ‘mini mini zone’ in Bongsun, Gwangju which provide products of small sizes for single person households.
      • The singles who have independent economic power are seen to be the leaders of consumption trends as well as being the power group.
    [Source : Daehong, Donga 2007/06/11, MK Economy 2007. 9. 12 ]
  • 38. Single Market : Growth and Potential (Cont'd)
    • Strong female power in domestic single market
      • Female singles, as the trend leaders, have not only been the basis of the “well-being trend”, but also the main consumers of organic foods, health-beauty drinks, esthetics, and services such as spas.
    [Source : Daehong, Donga, LG economic research Institute] Gold Miss vs. Silver Miss
    • Advertise focusing on online channels and start the communication activities
    • Attract with thrifty purchase, Start programs of ‘point accumulation’ to increase the number of visits, provide information on discounts, etc.
    • Focus on value consumption and rationality
    • Prefer to buy 1-2 luxurious brands
    • Use of online websites to compare prices and shop at moderate price
    • Career in general companies or profession after university/graduate university
    • Prefer a career that fits one’s personality or pursue a career just to work
    Silver Miss
    • Luxurious promotional activities only for gold misses, loyalty programs
      • Launch a new brand
      • Provide luxurious catalogue for luxury goods
      • Provide a concierge service when visiting the shops, etc.
    Marketing Point
    • Prefers premium product/brand
    • Prefer luxury brands
    • A brand is a powerful tool to express myself
    Consumption Pattern
    • Higher education level (higher than MBA), licensed
    • Career in stable profession with high level of income such as Law, Medical, Finance, etc.
    Characteristic/ Economic Power Gold Miss
  • 39. Senior Market : Growth and Potential
    • Appearance of new consumer group: ‘New Forty (new 40s)’ & ‘NoMU (No More Uncle)’
      • The New Forty consisted of females in the 386 generation (mainly in their 40s). This group is totally different from the previous 40’s. They are progressive about taking care of appearances or body shape and bold about investing in fashion or esthetics.
      • NoMU refers to males in their 40s who are fashionable by breaking away from the typical image of 40 year old men.
      • According to a study done by first VIEW Korea (Fashion information website), expenditure on clothing of females in their late 20’s has decreased to 215,000 KRW/month from 278,000 KRW, whereas females in their 40’s has almost doubled from 188,000 KRW/month to 350,000 KRW since 2005.
      • Sales of jeans in both on & offline stores by the middle and older aged group has increased by more than 30%. Lotte Department store has opened a special section for males in their 40’s and 50’s under the name of Father’s room and Men’s room.
      • As a result of database analysis by the Clinic Beauty Forever network, the clinic customers ages 30~60 has increased by more than 2.74 times in the last three years since 2004. Also, the number of wrinkle treatment has increased by 5.01 times compared to that of 2003.
      • LG Care has launched a new brand ‘Jinyul’ last November by targeting females in their 40’s. Also, it plans to launch a new product line targeting females in their 50’s.
    [Source : MK Economy 2007. 9. 12]
  • 40. Silver Market : Growth and Potential
    • The silver market is growing quickly due to the largest increase of life expectancy in the world.
    • Korea is currently passing an ‘aging society’ status with 4,383,000 (total 9.1%) people over 65 years of age, and are heading towards an ‘aged society’ status.
    • The leisure, finance, and oriental medicine markets are substantial.
    • Since the current silver generation has greater economic power and health, they are more mentally ready to spend. They start with a progressive consumption pattern by showing interests and investing in self-development and leisure.
    (Unit: Billion KRW) [Source : National statistical office, 「 Future population Estimation 」 , 2005] Increasing Aged Population [Source: Aging society and Population policy committee] Market size of Aging Population Industry (Unit: Trillion KRW) [Source: LG Economic Research Institute] Expected Household Consumption For Over 50s 12,833.4 43,961.2 48,596.9 77.3 82.3 88.4 94.2 101.6 108.8 117.7 11,899 2,195 2,795 3,395 4,383 4,597 5,354 7,821 Population over 65(%) 24.1% 15.7% 10.9% 9.5% 9.1% 7.2% 6.1% 5.1% Total Population (1,000) 2030 2020 2010 2006 2005 2000 1996 1990 2020 2010 2002 2010 2007 2008 2009 2006 2005 2004
  • 41. Domestic Economic Growth rate for 2008 will be 5.0%, which is improved from last year’s 4.5%. A balanced growth of exports and domestic consumption is expected. Consumer attitudes towards consumable goods are expected to recover somewhat. However, household debts will limit the increase in consumption which will result in only a 4.5% increase for consumer expenditures in 2008. In addition to well-being, health, functional & premium, and cleanliness are going to be the main FMCG market trends. As the market is focusing and centralizing its efforts more on consumers, interactive marketing through close connections is urgently needed.
  • 42. Thank you www.tnsglobal.com

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