Retail Country Snapshot: South Korea
Summary
The report offers an overview of the retail market in South Korea, including macroeconomic analysis, market forecasts to 2030, consumer insights, market shares, and analysis on local brands.South Korea's retail market slowed sharply in 2025, but it is forecast to expand at a 2.5% CAGR to 2030, supported by online sales growth, even with ageing demographics, high household debt, and regulation. Food and grocery will remain the dominant sector, while health and beauty will lead growth at a 4.8% CAGR, and electricals will lag as big-ticket demand stays cautious. South Korea's top retailers reinforced leadership through omnichannel and range expansion.
Scope
- South Korea's GDP will stagnate by 2030 amid population decline, despite low unemployment
- South Korea's retail market growth will weaken to 2030 as household debt levels rise
- South Korea's online retail market will outperform other major Asian markets, driven by its comparatively stronger digital infrastructure
- Health & beauty will see the greatest retail sector growth to 2030, driven by the growth of K-beauty trends
- Samsung remains the dominant market leader in the electricals sector, indicating it is the default option for higher-ticket spend in South Korea
Reasons to Buy
- Understand what is driving growth in South Korea's retail market
- Explore new opportunities that will allow you to align your product offerings and strategies to meet demand
- Identify sector-level forecasts to pinpoint the biggest opportunities and risks in the South Korean retail market
Table of Contents
- Executive Summary
- Country Overview
- Retail Market to 2030
- Retail Market to 2030 - Channel Share, current year, and forecast
- Retail Market to 2030 - Online
- Retail Market to 2030 - Sector sales
- South Korea Consumer Insights - Financial Situation
- South Korea Consumer Insights - Essential Purchases
- South Korea Consumer Insights - Financial Situation
- Competitive Landscape - Top 5 Retailers by Sector
- Competitive Landscape - Local Players
- Methodology, Definitions & Contacts
- Top 5 Retailers by Market Share - South Korea (%) 2024 & 2025 with Change in Share 2024-2025 (ppts)
- Retail Market Value 2025-2030(f) (KRW trn)
- South Korean Online Retail Market 2025-2030(f) (KRW trn)
- Real GDP per capita (KRW m) and annual growth, 2020-2030(f) (%)
- Population (millions) and annual growth, 2020-2030(f) (%)
- South Korean Retail Market Value, 2020-2030(f) (KRW trn) with annual growth (%)
- Channel Shares of Total Retail in The South Korean Retail Market (%) 2020, 2025 & 2030(f)
- South Korea Online Retail Market (KRW trn) 2020-2030(f) and Online Penetration (%)
- Sector Sales (KRW trn) within South Korean Retail Market 2020, 2025 & 2030(f)
- South Korean consumers' level of concern about the impact of the cost-of-living crisis on their long-term financial situation
- South Korean consumer's level of concern about the impact of trade wars and import tariffs on the prices of products they buy
- Percentage of South Korean consumers that class the below features as essential when making general purchases across food, drinks, toiletries and homewares (%)
- In light of the cost of living, how have your shopping habits changed for each of the following types of products?
- Future Consumer Sentiment Index for Asia-Pacific and South Korea
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Amazon
- Apple
- Bif Shop
- Chanel
- Coupang
- CU
- Dior
- Dyson
- Electro Land
- Emart
- Enex
- Estee Lauder
- GS
- Hanssem
- Hermes
- Himart
- Homeplus
- IKEA
- Innisfree
- Louis Vuitton
- Lotte Mart
- Musinsa
- NUNC
- Olive Young
- Rehaus
- Samsung
- The Face Shop
- UNIQLO
