South Korean consumers feel the economic downturn more than the Asia-Pacific average

South Korean consumers are feeling the economic downturn more acutely than the Asia-Pacific average, a new survey has found.
On the 7th, global consumer intelligence company NIQ (
The Nielsen Korea survey was conducted by
According to the 2024 Consumer Outlook Survey, "How has the economic situation changed compared to last year?
In response to the question, "Has the quality of life improved?" 39% of Korean consumers answered "It has gotten worse," while only 13% answered "It has gotten better." The number of Asian consumers who answered "It has gotten better" was 38%.
The survey polled about 50% of consumers in seven Asia-Pacific countries (South Korea, Australia, China, India, Indonesia, Singapore and Thailand)
The survey was conducted among 400 people from December 2023 to January 2024. The aim is to understand the economic fluctuations and consumer spending outlook felt by consumers in each country.
When asked about their economic outlook for 2024, 52% of consumers across Asia Pacific expect the economy to improve this year compared to last year, while just over half of South Korean consumers
Only 24% of respondents expected economic growth, the lowest of the three. Also, 44% of Korean consumers expect the economic situation this year to be the same as last year, which was the highest percentage.
In particular, this year's questions about concerns showed a stark difference between Korean consumers and those across the Asia-Pacific region.
In both the United States (33%) and South Korea (37%), rising food costs (1st place) and a sluggish economy (2nd place) were cited as the most worrying factors. However, South Korean consumers were more concerned about the risk of war or conflict between nations.
Rather than being concerned about global-level risks such as these, people are more sensitive to issues closely related to their daily lives, such as "wellness and personal happiness (5th, 14%)" and "job stability (6th, 13%)."
There were also differences in spending plans by category this year compared to last year. In Asia Pacific, respondents said they would maintain or increase their spending.
The number of spending categories was nine out of the total 22, but in Korea it was only three, including daily necessities, savings and investment, and healthcare. This shows that the impact of the economic downturn in Korea is more severe than in other countries.
"Korean consumers, who are feeling the economic slowdown more strongly, are spending more cautiously than the average in the Asia-Pacific region," said Kim Nayeon, executive director of NIQ Korea.
"Companies need to be sensitive to changes in consumer purchasing behavior and find ways to turn the crisis into an opportunity," he said.