Korea’s home furnishing market was worth almost €10 billion in 2017, and is expected to reach €13.4 billion in 2023.
The increase in disposable income and purchasing power has driven demand for quality design products, with a preference for minimalist design and multi-purpose furniture.
Demographically, increase in single child families drives the demand towards children’s furniture, as parents are inclined to spend more on their children.
European companies offering design products such as woodworking designs, matching sets, vintage and antiques, and automation-oriented furniture design have room to grow in the Korean market.
EU Gateway | Business Avenues organises a mission in Contemporary European Design from 27-31 May 2019 in Seoul.