The Korea International Trade Association released a report defining the new consumption trend amid the coronavirus pandemic, encouraging local companies to prepare accordingly.
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Defining the new trend as “five Fs,” KITA said the market trend would revolve around fun, fitness, family, economic freedom and faith.
The report pointed to the physical and psychological weariness caused by the pandemic.
“Amid the virus outbreak, fake news reports increased rapidly, which is why customers will be looking for products and services they can trust,” the report said.
Demands for products focused on fun and fitness such as camping gear, gaming consoles, education utensils, kitchen utensils and health supplements are expected to rise, KITA said.
Services including family insurance, health checkups, financial investments, telemedicine and psychological counseling are likely to gain popularity, it added.
“As people spend more time with their families due to the prolonged COVID-19 outbreak, family-oriented consumption will increase,” the report said.
(Source: Korea Herald)