Boston, MA -- (SBWIRE) -- 10/23/2012 -- Domestic demand in South Korea in the short term is likely to be impaired by the slowdown in economic activity, as the unemployment rate continues to rise and high household debt weighs on consumption spending. We therefore expect South Korea's real GDP growth to slow to a below-consensus 1.9% in 2012. The outlook is more positive in the longer term due to healthy population growth and rising incomes.
Headline Industry Data (local currency)
- 2012 per capita food consumption = +3.7%; forecast to 2016 = +20.9%
- 2012 alcoholic drink value sales = +5.0%; forecast to 2016 = +23.6%
- 2012 soft drink value sales = +3.7%; forecast to 2016 = +25.6%
- 2012 mass grocery retail (MGR) sales = +4.5%; forecast to 2016 = +43.5%
Key Industry Trends And Developments
Greater Diversity In South Korean Beer Market - South Korea is experiencing greater diversity in its beer market. Supported by growing consumer awareness of the different beer varieties, aggressive product innovation efforts from domestic and foreign brewers and accelerating premiumisation, local consumers are demanding greater variety in beer products. Seemingly bearing out a burgeoning consumer appetite for different beer varieties to locally produced beer, recent figures show imports of beer to South Korea surged by a massive 64% in value terms between 2009 and 2011,
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FamilyMart Signals Expansion In South Korea - Japanese retailer FamilyMart has outlined plans for further expansion in South Korea, where it operates just over 7,200 convenience stores. The retailer has operated in the country since 1990 and says it is the leading convenience store operator in the market. In addition to launching a new chain under the Cu banner, the retailer will increase store openings in selected 'market niches' in the country, such as in hospitals or other public facilities. The convenience retail sector is expected to be the outperformer among the various retail sectors in South Korea, with sales forecast to grow at a compound annual growth rate (CAGR) of 11.4% through to 2016.
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