South Korea is a country in East Asia occupying the southern half of the Korean Peninsula. Just over two thirds of the country is considered to be mountainous, therefore the country’s population mainly resides in the lowland areas, where the population density is quite high.
The capital city, Seoul, is the seat of the government and the nation’s primary business hub and cultural hub. Most face-to-face market research takes place in Seoul. While it is generally easier to conduct focus groups in Korea than it is in Japan, most Koreans are still very respectful of age and social seniority so the composition of groups should be considered carefully, and one-on-one interviews may provide more information on B2B topics. Although most Koreans study English at school, they are generally much more comfortable participating in market research in their native language.
Korea’s economic success is a relatively new development, moving from a divided nation with limited resources to a globally connected leader in technological advancement in just a few decades. The country’s GDP more than tripled from $504.6 billion in 2001 to $1,646.3 billion in 2019.
The largest segment of Korea’s economy lies in services, with the tourism sector a notable growing area. The recent popularity of cultural exports such as K-pop and K-drama are a global phenomenon, known as Hallyu (‘The Korean Wave’), also contributing towards this figure. Major industries contributing towards Korea’s GDP include a robust manufacturing sector, particularly in semiconductors, automobiles and shipbuilding.
South Korea is one of the most advanced telecommunications markets globally and is home to global tech companies such as Samsung, LG and Hyundai. The Korean government is currently promoting AI and digital solutions being developed through the Digital New Deal. Recent success stories include the development of 6G mobile.