2023年的韩国食品杂货零售状况

March 2023The state of grocery retail 2023South Korea Copyright © 2023 McKinsey & Company. All rights reserved.This publication is not intended to be used as the basis for tradingin the shares of any company or for undertaking any other complexor significant financial transaction without consulting appropriate professional advisers.No part of this publication maybe copied or redistributed in anyform without the prior written consent of McKinsey & Company.Cover image: © RUNSTUDIO/Getty Images 1State of Grocery South KoreaContents6Five trends that will define South Korean grocery in 202313Eat, play, love: How Gen Z is shaping Korea’s grocery retailers17South Korea’s next sales frontier: Retail media networks23How technology can elevate grocery stores in South Korea29Using sustainability to transform food systems in South Korea 1 “Total population and population growth rate,” Korean Statistical Information Service (KOSIS), accessed January 19, 2023.ForewordOver the past five years, the modern South Korean grocery market has been stagnant, with annual growth limited to approximately 1 percent. While the overall size of the market has held steady, its dynamics have completely shifted. The hypermarket and supermarket category, which accounted for about 20 percent of total retail sales in South Korea in 2017, had traditionally been the dominant format, but now it is smaller than both the online and convenience store categories. This shift was caused by a combination of four major forces.Demographic change. South Korea’s population demographics have changed dramatically at an accelerated pace. In 2020, the country hit the “population death cross”—when the number of newborns is less than the number of the deceased.1 In addition, single households accounted for approximately 35 percent of total households in 2021, up ten percentage points over the past decade. The increase in single households accelerates the channel shift from hypermarket and supermarket to online and convenience stores. Isolation due to COVID-19. During the early stages of the COVID-19 pandemic, the South Korean government enforced a “vaccination pass” for public spaces, including hypermarkets and supermarkets. People had to show their vaccine pass or a negative PCR result to access stores. On top of this rule, people were afraid of going to public spaces because of the risk of infection. As a result, people preferred to go to convenience stores within a short distance of their homes or to buy things online, and this combination accelerated the movement among channels. 2 Eun-young Kim, “Coupang attracted 1.4 trillion won in investment last year...half of US investment in Korea,” Chosun Biz, January 25, 2022.3 Eunbi Lee, “The YouTube app, the most used generation is ‘over 50,’” YTN, February 23, 2021.4 Joshua Franklin, Joyce Lee, and Chibuike Oguh, “Coupang surges to over $100 billion valuation after $4.6 billion IPO,” Economic Times, updated March 12, 2021.3State of Grocery South KoreaYounghoon Kang PartnerSeoul Jeongkeun Kim Associate PartnerSeoulFierce competition from e-commerce players. Major online players continued to make heavy investments in logistics to build up infrastructure for faster delivery. For example, Coupang committed more than 1.5 trillion won ($1.25 billion) to establish new logistics centers.2 Elderly shoppers go mobile. Older generations of South Koreans are becoming more digitally savvy.3 Consider that the largest viewer segment on YouTube is now people over the age of 50, accounting for one-quarter of total hours viewed. This familiarity with online content is leading older shoppers to shift their spending to mobile channels. In response, brands are adapting their products for the elderly: for example, healthy foods for consumers with diabetes and foods that are easy to swallow. Grocery has also become a hotbed of activity for capital markets. After Coupang’s successful IPO resulted in a market cap of more than $100 billion,4 multiple major players—such as Market Kurly, Oasis, and SSG.com—are eyeing a similar path.This report, Unlocking growth opportunities: The state of grocery retail 2023 South Korea, explores in greater depth these trends and their potential impact on the country’s grocery retailers. In the next few chapters, we will explore the recent changes to consumer behavior, new revenue expansion opportunities for retailers, and how grocery retailers and brands can target specific demographic groups, such as Gen Z consumers. Our goal is to help CEOs stay ahead of market shifts and pursue growth. We hope this report offers valuable insights to support that goal. 4State of Grocery South KoreaEditorsCo-editorsYounghoon Kang is a partner in McKinsey’s Seoul office and a leader of the Asia Consumer and Retail Practice. He has served a global private equity firm seeking investment opportunities, including in the consumer health industry; a global conglomerate acquiring a beverage company in Asia; and multiple