New Korean Consumer Groups

One fascinating aspect of Korean commerce and marketing is its dynamics. Top Asian-based global firms see South Korea as a perfect test market for new products, especially those that target the younger consumer segment.


The LG Economic Research Institute , a think tank recently released a report that cites that companies should make better use of cyber space to win Internet-savvy young consumers.

The report said businesses should actively use chat rooms and similar Internet space to advertise their products as more consumers depend on product reviews to make purchasing decisions.

How a company keeps tabs on postings on the Internet has become increasingly important, They should take the initiative to use Internet space to provide more information on their products.

A key aspect of the report notes...
categorized younger Korean consumers into five types: Twinsumer; Contents Generation, Cool Hunter, and Fantasticism.,
The report offers marketing tips accordingly.

Twinsumers tend to make online purchases only after they have consulted the consumer reviews.

Contents Generation refers to the group that creates their own cyber space, namely, online blogs. The Content Generation posts writings, photographs and music pieces in their individual cyberspaces and share it with their peers. Corporations should encourage use of such cyberspace to raise the awareness of their goods and services.

On the other hand, Cool Hunters are actively involved in the making of market trends. According to LGERI, they provide companies with useful information on the latest trends and hype in the younger segment of the market, thereby helping marketers develop the right kinds of products that would feed young consumers; thirst for the savvy.

Young consumers also tend to relieve themselves of work related stress and boredom from daily routines through what the institute called Fantasticism.

Younger consumers like getting second-hand experiences on things that cannot be met in reality through products that befit their fantasies, the report said. The report addressed a high likelihood of success of Dream Marketing in this aspect.

Why address these new consumer groups?
The report notes significant number of younger consumers in their 20s and 30s are increasingly becoming less responsive to corporate marketing and advertising endeavors.