• • • Population: – 48,508,972 Capital: – Seoul Administrative Divisions: – 9 provinces and 7 metropolitan cities Korean, but English is widely taught in Jr. High and High School most often called Hangungmal • • • • • Location: – Southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea Climate: – Temperate, with rainfall heavier in summer than winter Terrain: – Mostly hills and mountains, wide coastal plains in west and south Natural Resources: – Coal, tungsten, graphite, molybdenum, lead, hydropower potential Natural Hazards: – occasional typhoons bring high winds and floods; low-level seismic activity common in southwest • • • • Christianity: 49%, Buddhism: 47% Confucianism: 3% Pervasive folk religion (shamanism) Chondogyo (Religion of the Heavenly Way), and other: 1% • • Although South Korea has developed into a modern and diverse country, they still keep their culture sacred Important in everyday lifestyle: – – – – Family Food Tradition Respect • • • • • Korean’s enjoy advanced technology and pride themselves on new products including cell phones, cameras, and MP3 players The traditional Korean house is called a “Hanok” The Korea Times and Korean Herald are published daily in English Health conscious society, promote exercise and fresh produce More leisure time leads to a more casual lifestyle • • • • • • • Korean magazines are devoted to promoting luxury images/ ads Constant need to show new and original fashion and technology Competitive with other Asian countries to have advanced products Brand name sensitive Will pay in installments in order to afford higher quality and higher priced goods Basic needs such as food, water, and shelter are not as recognized as luxury products Prefer quality and personal experiences with retailers • • • • Percentage of South Korea that uses the internet at least monthly to find out about luxury products online: 65%(2009) “SNU says BIG, CASH, COW. These ten letters are the key words to make consumption trend in Korea 2009.Customers have consumption that express ego and follow existence within the feeling of uneasiness of economic depression. This is the point of Consumption Trends 2009.” (SNU Domestic Science Institute Consumption Trend Analysis Center) “Shinsegae Distribution Industry Institute reports "2009 Retail Forecast."They nominate the 4S such as Shopping Center, Small Format, Save Household and Supporting Home-made.” (http://florkim.blogspot.com/2008/12/luxurybrands-in-korean-market-include.html) • • • • • • • • South Korean fashion is gaining respect in American markets American franchises are establishing in South Korea Koreans more health conscious than Americans American’s more responsive to the recession Korean customs stay prominent in the household, traditional families are still the most common as compared to progressive American households Seoul is becoming a major US business location Both use the internet as a means of communication, consumption, and information more frequently than ever Youth is influenced by different cultures and adapt ideas into their communities • • • • • Gaining respect in American and European markets American consumer’s more open to Korean designers Building a fan base by showing in New York Fashion Week Adapting Asian influences into western styles Designers making waves in American fashion: – Doo-ri Chung – Richard Chai – Im Sang-A – Kang Jin-young & Yoon Han-hee References References Aran, Han. (2009). “Korean Designers Making Their Mark in NYC”. Retrieved from http://www.korea.net/News/News/NewsView.asp?serial_no=20090227004 Bernoff, Josh. (2009). “In Japan and Korea, Consumers Embrace Social Technology Faster than Marketers” Retrieved from http://blogs.forrester.com/groundswell/2009/09/in-japan-and-koreasocial-technology-takes-faster-with-consumers-than-marketers.html Edimax USA Publications. (2004). Retrieved from http://www.entrepreneur.com/tradejournals/article/114113356.html Fall, Nicole.(2008). “New Era of Controlled Luxury to Emerge” Retrieved from http://www.koreatimes.co.kr/www/news/art/2009/09/199_36579.html Greenburg, Peter. (2007). “Off the Brochure Travel Guide: Seoul, South Korea”. Retrieved from http://www.petergreenberg.com/2008/12/11/off-the-brochure-travel-guide-seoul-south-korea/ Jeong-ju, Na. (2009). “Interview with the Chairman of Korea’s National Branding Council” Retrieved form http://www.nation-branding.info/2009/01/28/interview-korea-nation-branding-council/ Kanellos, Michael. (2004). “Consumers: Gaming Their Way to Growth”. Retrieved from http://news.cnet.com/Consumers-Gaming-their-way-to-growth---Part-3-of-South-Koreas-DigitalDynasty/2009-1040_3-5239555.html “Korea, South” (2008). Retrieved from https://www.cia.gov/library/publications/the-worldfactbook/geos/ks.html “Luxury Brands in Korean Markets”.(2009). Retrieved from http://florkim.blogspot.com/2008/12/luxury-brands-in-korean-market-include.html Solbridge International School of Business. (n.d.) Retrieved from http://www.solbridge.ac.kr/index.php/jobs/everyday-life-in-korea “South Korea” (n.d.) Retrieved from http://atheism.about.com/library/world/KZ/bl_SKoreaIndex.htm