Nina Jobst
Research expert covering South Korea
Furniture market in South Korea- statistics & facts
Almost every market segment in the South Korean furniture market is projecting growth for the coming years, putting the whole industry in a new spotlight. With this newfound interest in home furnishings, consumers have pushed the development of the market. One such trend has emerged as remote work is now a viable option for more South Koreans in the workforce. Consumers have started investing in both traditional furniture items and home office set-ups at the same time. Overall, they have larger disposable incomes and are more likely to be single-person households that need proper home-office equipment. These expanding markets, especially the home interior and remodeling sector, are serving as possible entry points for foreign companies.
Competitive landscape of the South Korean furniture market
Trying to seize these new opportunities in the growing market, foreign brands are entering it. One company which has already done so successfully is the furniture giant IKEA. Despite a decrease in sales, the Swedish brand is one of the most popular ones among South Korean consumers. The most prominent domestic general furniture brands were Hanssem and Hyundai Livart. These brands, well-known and trusted by consumers, were ahead of the domestic competition in terms of sales. Although big brands offer brick-and-mortar stores, the most popular interior shopping channel is using furniture shopping apps.Korean consumer trends in home furnishing
At the end of 2023, around nine in 10 South Koreans were looking to remodel their home spaces. Social media posts have allowed many young, trend-aware Korean consumers to discover brands, designs, or simply inspiration. In one way or another, the internet has been the most important information channel for furniture regardless of the age of the consumer. Key considerations when shopping for furniture were the design and price of items. Another commonly used practice was to get inspiration at one place and buy at another to save money. Both for cutting down on interior design expenses and as a hobby, DIY projects or “do-it-together” social media trends have become popular for South Koreans.
