Kiwis might be surprised to see the level of wealth in Korea and the growing spending on premium food and beverage products.
With a population of 52 million and GDP per capita (PPP) of USD 65,000, there is an opportunity to continue to expand New Zealand’s strong brand awareness beyond dairy, wine, horticulture and deer velvet.
The Miracle of the Han River explains the rise of Korea from a poor nation to a global leader. Korea is now a technology powerhouse, home to fifteen Fortune 500 companies, including Samsung, Hyundai, Kia and LG.
Korea is Asia’s fourth-largest economy, larger than Australia, and home to over 1.3 million millionaires. Korean culture is booming with the popularity of K-pop, K-food, K-drama and K-beauty! The country is becoming a trend setter, influencing young, wealthy consumers across Asia and the world. New Zealand has an opportunity to be part of this story.
Korean consumers have high disposable income, are health-conscious and value food safety and transparency. Korea does not produce enough food and beverage products it needs so they import from overseas. Metropolitan Seoul has around 26 million consumers and is the core target for New Zealand.
Korean consumers have traditionally preferred US imports; however, as global structural changes occur, there is a clear opportunity for New Zealand to capture premium consumers’ minds and wallets.
Read more from Richard Dunsheath, Trade Commissioner, South Korea in the latest issue here
