As mentioned earlier the South Korean market has been growing rapidly over the past few decades. Due to its large population and growing income level it has become a major market for consumer products and has the third largest advertisement billings in Asia. Due to the rise in consumer product consumption, advertising expenditures climbed. As early as 1988 advertising expenditures grew 31.5% (1.87 billion dollars) over a year and have continued to grow since. International trade is growing in importance and the West is having greater influence on South Korean advertising and media. The internet is emerging as a major form of communication and entertainment and is allowing for trends and fads to change and spread rapidly. As in the West it is important for advertisers to relate to the younger demographic by staying on top of internet and technology developments.The West has also had an impact on the types of consumer products now demanded. Consumption of instant and processed foods is on the rise along with a high demand for travel, health and innovative communication services. While the West is helping to fuel these demands corporations must seriously take into consideration adaptations of products, especially foods, so as to appeal to South Korean tastes and expectations.
In general South Koreans favor South Korean made products, but are beginning to realize the superiority of Western and American products as well. More recently South Koreans, especially young South Koreans, are beginning to adopt western trends in fashion, food, etc. This may be because the government has tended to denounce western styles of consumption as a means of opposition to imports. Therefore South Korean youths find it rebellious to go against government wishes. While this may seem a perfect opportunity to try daring and new products on a consumer base who doesn’t wish to go with the flow, corporations should be wary of venturing too far from the beaten path. In the case of South Korea is better to ride the currents rather than make a bold move which could result in disaster. One slip could tarnish a brands reputation.
The South Korean market offers opportunity for market expansion with the caveat that one enters the market correctly, by considering the proper selling techniques and products to be marketed.