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Metaverse eCommerce - South Korea

South Korea

The projected value in the Metaverse eCommerce market for South Korea is expected to reach €0.7bn in 2024.
This market is anticipated to experience an annual growth rate (CAGR 2024-2030) of 32.81%, leading to a projected market volume of €4.1bn by 2030.
China is the primary contributor to this market, with a projected market volume of €9.3bn in 2024.
Furthermore, in South Korea's Metaverse eCommerce market, the number of users is expected to reach 28.1m users by 2030.
User penetration is projected to be 22.0% in 2024 and is expected to increase to 54.8% by 2030.
The average value per user (ARPU) is estimated to be €65.3.
As South Korea continues to embrace advanced technologies and digital innovation, the Metaverse eCommerce market is rapidly expanding, offering immersive shopping experiences to tech-savvy consumers.

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Analyst Opinion

South Korea has emerged as a key player in the rapidly evolving Metaverse eCommerce market. With a tech-savvy population and a strong infrastructure, the country is witnessing a surge in consumer interest and adoption of Metaverse eCommerce platforms.

Customer preferences: South Korean consumers have shown a strong inclination towards immersive online experiences, making them an ideal target audience for Metaverse eCommerce. The younger generation, in particular, is driving this trend, as they seek out novel and interactive ways to shop and engage with brands. Additionally, the convenience and flexibility offered by Metaverse eCommerce platforms align well with the busy lifestyles of South Koreans.

Trends in the market: One notable trend in the South Korean Metaverse eCommerce market is the integration of virtual reality (VR) and augmented reality (AR) technologies. Retailers are leveraging these technologies to create virtual stores and showrooms, allowing customers to explore products and make purchases in a highly immersive environment. This trend is gaining momentum as it enhances the overall shopping experience and helps build stronger brand connections. Another trend is the rise of social commerce within the Metaverse. South Korean consumers are highly influenced by social media and peer recommendations. Metaverse eCommerce platforms are capitalizing on this by incorporating social features that enable users to interact, share, and recommend products to their networks. This social aspect adds an element of trust and authenticity to the shopping experience, further driving consumer engagement and sales.

Local special circumstances: South Korea's advanced digital infrastructure and widespread adoption of high-speed internet contribute to the growth of the Metaverse eCommerce market. The country has one of the highest internet penetration rates globally, enabling seamless access to Metaverse platforms and ensuring a smooth user experience. Additionally, South Korea's strong gaming culture and the popularity of virtual reality gaming have created a fertile ground for the adoption of Metaverse technologies.

Underlying macroeconomic factors: South Korea's robust economy and high disposable income levels play a significant role in the growth of the Metaverse eCommerce market. With a strong middle class and a culture of consumerism, South Koreans are willing to spend on innovative and immersive shopping experiences. Furthermore, the government's support for digital innovation and the development of the Metaverse ecosystem through policies and investments further fuels the market's growth. In conclusion, the Metaverse eCommerce market in South Korea is experiencing a rapid expansion driven by customer preferences for immersive experiences, the integration of VR and AR technologies, the rise of social commerce, the country's advanced digital infrastructure, and strong macroeconomic factors. As the market continues to evolve, it presents significant opportunities for both local and international brands to tap into the growing demand for Metaverse shopping experiences in South Korea.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending, in-game spending, app downloads, and investment and funding data.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.