South Korea has one of the most remarkable economic success stories in the 20th century, developing a globally connected and very tech-savvy society within a few decades. However, like many other advanced economies, South Korea faces the prospect of a slower economic growth in the future, given challenges including such as its rapidly aging population, an inflexible labour market, and a heavy dependence on exports compared to domestic consumption.
South Korea has one of the most advanced telecommunications markets in the world and is one of the leaders in telecom technology developments, including 6G mobile. Industrial production accounts for around 33% of GDP and output is growing at a rate of around 4.6% per annum. Korea’s main industries include electronics, telecommunications, car manufacturing, chemicals and shipbuilding.
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 Gyeonggi Province in the northwest surrounding the capital city Seoul, is the most densely populated area.
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 mots Koreans study English at school, they are generally much more comfortable participating in market research in their native language.
