Korea's 2024 Consumer Trends Reveal a Nation in Transition

As 2024 ends, South Korea’s consumer data paints a picture of a nation carefully adapting—not panicking, but re-prioritizing. Amid economic uncertainty, rising prices, and shifting values, Koreans are spending differently, not less.

According to a year-end report by Shinhan Card, "value-based consumption" was the year’s defining theme. Consumers flocked to brands offering transparency, ethical sourcing, or long-term savings. “People are asking: Does this align with who I am?” says consumer analyst Cho Minsook.

Eco-conscious products saw record growth. Reusable home goods, secondhand clothing, and local produce surged in sales. At the same time, revenge spending—so dominant after COVID—has clearly slowed. Luxury sales dipped 7% in Q4, while subscription models and used marketplaces gained ground.

Experiential purchases, however, rose. Koreans spent more on language education, health retreats, and small-scale travel. Rather than big trips abroad, people booked three-day stays in Gangwon or Jeju. “It's about feeling better, not showing off,” says 35-year-old buyer Kwon Jiwon.

Digital platforms shaped the shift. With AI-driven shopping suggestions and minimalist influencers leading the way, consumption became more curated and less impulsive. Apps like Karrot Market and Zigzag benefited most, offering community plus convenience.

Still, signs of caution remain. Credit card debt among under-30s rose 11%, and household savings dipped slightly. Financial advisors recommend 2025 as a year to rebuild “emotional and financial reserves.”

As the year closes, one truth stands out: Koreans haven’t stopped consuming—they’ve just learned to consume with intention.

Date: 2024-12-30

Reporter: 박근홍