International brand distribution and business development agency Luxe Brand Advisors has released the report Your Next Customer: Opportunities for Brands in Today's Korea, a comprehensive resource for understanding the consumer and business landscapes in Korea. The report offers an in-depth look at the dramatic shifts occurring among consumer trends and retail channels within the South Korean and Asian luxury markets.
"Korea has evolved to become a luxury hub in the Asia-Pacific region and an important market influencing consumer trends in other Asian countries, which view Korea as a trendsetter," says Sarah Chung, co-founder and partner of Luxe Brand Advisors. "Executives of U.S. and foreign brands that have presence in Korea or are considering entering this market should be aware of the current market trends that will affect their branding and distribution strategy."
With Korea's cultivated taste in luxury, the report reveals how Korea has become a testing ground for new products and increasingly, a launch pad for brands in the region. Lucrative consumer segments, including "Gold Misses," "Gold Moms" and VVIPs, are explored as well as the cost of doing business in the various retail channels.
"With Internet users numbered at 35 million in 2010 and the highest Internet penetration in the world, Korea has become an ideal market for brands that want to enter the market via e-commerce channels without high capital investments," states Susan Kim Tsui, co-founder and partner of Luxe Brand Advisors. "We believe there are tremendous growth opportunities for consumer brands especially in the Internet Commerce and Home Shopping channels."
The report, Your Next Customer: Opportunities for Brands in Today's Korea, is available for purchase at www.luxebrandadvisors.com.