{"id":13936,"date":"2024-11-29T12:27:21","date_gmt":"2024-11-29T05:27:21","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=13936"},"modified":"2024-11-29T12:27:21","modified_gmt":"2024-11-29T05:27:21","slug":"k-wave-goes-mainstream-in-southeast-asia-but-consumers-now-surf-for-localised-k-products-euromonitor-international","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=13936","title":{"rendered":"K-wave goes mainstream in Southeast Asia but consumers now surf for localised K-products: Euromonitor International"},"content":{"rendered":"<ul type=\"disc\">\n<li>Singaporeans traveling to <span class=\"xn-location\">South Korea<\/span> increases by 52% from 2019<\/li>\n<li>Local\u00a0Soju drives impressive market growth; Halal variant faring well<\/li>\n<li>Consumers copy Korean style but buy products locally<\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 29, 2024<\/span><\/span> \/PRNewswire\/ &#8212; Consumers in <span class=\"xn-location\">Southeast Asia<\/span> are avid consumers of &#8216;Korean-wave&#8217; (K-wave) products but ultimately surf for localised K-products, according to data analytics firm <a href=\"https:\/\/www.euromonitor.com\/\" rel=\"nofollow\" target=\"_blank\">Euromonitor International<\/a>.<\/p>\n<p>With growing consumer demand, brands are increasingly embracing K-wave in product development, promotion and local engagement. Consumer brands, particularly food, drinks and beauty, see K-wave as a tide driving key growth.<\/p>\n<p><strong><span class=\"xn-person\">Sunny Moon<\/span>, Research Manager at Euromonitor International, said: <\/strong>&#8220;Beyond watching Korean content and travelling to Korea, consumers also incorporate K-products into their daily lives. However, they eventually prefer local products that align with local preference.&#8221;<\/p>\n<p><strong>Consumers want more than just Korean surface appeal<\/strong><\/p>\n<p>As detailed in Euromonitor International&#8217;s &#8216;<a href=\"https:\/\/go.euromonitor.com\/webinar-kwave-in-southeast-asia-impact-and-strategies.html?utm_source=PR&amp;utm_medium=prrelease&amp;utm_campaign=WB_2024_11_LIVE_K-Wave%20in%20Southeast%20Asia\" rel=\"nofollow\" target=\"_blank\">K-Wave in <span class=\"xn-location\">Southeast Asia<\/span>: Impact and strategies<\/a>&#8216;\u00a0webinar, the influence of K-pop, K-beauty and K-food in <span class=\"xn-location\">Southeast Asia<\/span> has reached remarkable levels, fuelled by the surge in outbound travel to <span class=\"xn-location\">South Korea<\/span>.<\/p>\n<p>According to researchers at Euromonitor, Singaporeans saw a significant 52% growth in outbound travel to <span class=\"xn-location\">South Korea<\/span> in 2024 compared to 2019. Visitors from <span class=\"xn-location\">Indonesia<\/span> (10%) and <span class=\"xn-location\">Taiwan region<\/span>\u00a0(13%) also increasingly travel to the home of K-Wave, driven by strong outbound travel recovery.<\/p>\n<p><strong>Moon noted:<\/strong>\u00a0&#8220;Consumers&#8217; Korean-craze consumption continues in their home countries. To meet growing consumer demand, brands are embracing the K-wave by appointing K-pop stars as brand ambassadors, even featuring Hangeul, the Korean alphabet, on product labels.&#8221;<\/p>\n<p>Soju, <span class=\"xn-location\">South Korea&#8217;s<\/span> popular alcoholic drink, has become an affordable drink for locals nowadays, thanks to it featuring in K-drama. Soju has seen impressive growth in major Southeast Asian countries with CAGR of 121% growth from 2019 to 2023 in total volume sales, particularly in <span class=\"xn-location\">Malaysia<\/span> (241%), <span class=\"xn-location\">Indonesia<\/span> (182%) and <span class=\"xn-location\">Thailand<\/span> (100%).<\/p>\n<p>However, consumers are now opting for locally produced Soju, rather than imported Soju. <span class=\"xn-location\">Indonesia<\/span> and <span class=\"xn-location\">Malaysia<\/span> have introduced Halal Soju, a non-alcoholic Soju but in Soju&#8217;s iconic green bottle. This caters to the Halal consumer&#8217;s demand, as well as a rapid growth for Soju in these markets.<\/p>\n<p>\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p><!-- wp:html --><\/p>\n<ul type=\"disc\">\n<li>Singaporeans traveling to <span class=\"xn-location\">South Korea<\/span> increases by 52% from 2019<\/li>\n<li>Local\u00a0Soju drives impressive market growth; Halal variant faring well<\/li>\n<li>Consumers copy Korean style but buy products locally<\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 29, 2024<\/span><\/span> \/PRNewswire\/ &#8212; Consumers in <span class=\"xn-location\">Southeast Asia<\/span> are avid consumers of &#8216;Korean-wave&#8217; (K-wave) products but ultimately surf for localised K-products, according to data analytics firm <a href=\"https:\/\/www.euromonitor.com\/\" rel=\"nofollow\" target=\"_blank\">Euromonitor International<\/a>.<\/p>\n<p>With growing consumer demand, brands are increasingly embracing K-wave in product development, promotion and local engagement. Consumer brands, particularly food, drinks and beauty, see K-wave as a tide driving key growth.<\/p>\n<p><strong><span class=\"xn-person\">Sunny Moon<\/span>, Research Manager at Euromonitor International, said: <\/strong>&#8220;Beyond watching Korean content and travelling to Korea, consumers also incorporate K-products into their daily lives. However, they eventually prefer local products that align with local preference.&#8221;<\/p>\n<p><strong>Consumers want more than just Korean surface appeal<\/strong><\/p>\n<p>As detailed in Euromonitor International&#8217;s &#8216;<a href=\"https:\/\/go.euromonitor.com\/webinar-kwave-in-southeast-asia-impact-and-strategies.html?utm_source=PR&amp;utm_medium=prrelease&amp;utm_campaign=WB_2024_11_LIVE_K-Wave%20in%20Southeast%20Asia\" rel=\"nofollow\" target=\"_blank\">K-Wave in <span class=\"xn-location\">Southeast Asia<\/span>: Impact and strategies<\/a>&#8216;\u00a0webinar, the influence of K-pop, K-beauty and K-food in <span class=\"xn-location\">Southeast Asia<\/span> has reached remarkable levels, fuelled by the surge in outbound travel to <span class=\"xn-location\">South Korea<\/span>.<\/p>\n<p>According to researchers at Euromonitor, Singaporeans saw a significant 52% growth in outbound travel to <span class=\"xn-location\">South Korea<\/span> in 2024 compared to 2019. Visitors from <span class=\"xn-location\">Indonesia<\/span> (10%) and <span class=\"xn-location\">Taiwan region<\/span>\u00a0(13%) also increasingly travel to the home of K-Wave, driven by strong outbound travel recovery.<\/p>\n<p><strong>Moon noted:<\/strong>\u00a0&#8220;Consumers&#8217; Korean-craze consumption continues in their home countries. To meet growing consumer demand, brands are embracing the K-wave by appointing K-pop stars as brand ambassadors, even featuring Hangeul, the Korean alphabet, on product labels.&#8221;<\/p>\n<p>Soju, <span class=\"xn-location\">South Korea&#8217;s<\/span> popular alcoholic drink, has become an affordable drink for locals nowadays, thanks to it featuring in K-drama. Soju has seen impressive growth in major Southeast Asian countries with CAGR of 121% growth from 2019 to 2023 in total volume sales, particularly in <span class=\"xn-location\">Malaysia<\/span> (241%), <span class=\"xn-location\">Indonesia<\/span> (182%) and <span class=\"xn-location\">Thailand<\/span> (100%).<\/p>\n<p>However, consumers are now opting for locally produced Soju, rather than imported Soju. <span class=\"xn-location\">Indonesia<\/span> and <span class=\"xn-location\">Malaysia<\/span> have introduced Halal Soju, a non-alcoholic Soju but in Soju&#8217;s iconic green bottle. This caters to the Halal consumer&#8217;s demand, as well as a rapid growth for Soju in these markets.<\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:html --><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-13936","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/13936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13936"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/13936\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}