KOTRA Hosts Forum on Insights into Korean Consumer Trends

Forum Held in Co-Hosting with the Italian Chamber of Commerce in Korea

KOTRA announced on the 13th that it held the '11th Business+ Forum' at the Parnas Hotel in Samseong-dong, Seoul, together with the Italian Chamber of Commerce in Korea.

Dr. Sujin Lee from the Seoul National University Consumer Trend Analysis Center gave a lecture on the theme of 'Trends and Implications of Korean Consumers,' focusing on the 2023 trend keyword 'Rabbit Jump.' The term Rabbit Jump was inspired by this year being the 'Year of the Black Rabbit.' It provided insights for companies to leap forward amid deepening social polarization following the recession and pandemic. About 50 expatriates from foreign companies and institutions operating in Korea attended the forum.

Dr. Lee analyzed changes in Korean consumer trends and selected trend products for her lecture. In particular, she forecasted that the 'N-polarization phenomenon,' where averages become meaningless due to diversified consumption patterns amid economic recession caused by the bursting of asset and stock market bubbles, warnings of a second foreign exchange crisis, and the prolonged Russia-Ukraine conflict, would become prominent.

Foreign-invested companies evaluated the lecture as beneficial, stating that it enhanced their understanding of changes in consumption paradigms amid domestic and international economic uncertainties and allowed them to discuss marketing directions to provide irreplaceable consumer experiences.

This content was produced with the assistance of AI translation services.