Foreigner + Expat Spending in Seoul Korea
I had an informal business meeting with a friend of mine who works for LG Foods. What he told me changed the way I think about business strategy in Asia and especially in Seoul, Korea.
He asked me what percentage of total discretionary spending done in Seoul Korea was spent by Expats and Foreigners. I didn’t know. He did.
He had just received a full briefing on how to sell everything from Coke to Vitamin Water in Seoul. And the emphasis was squarely on foreigners and expats. Because, while expats only make up 1.8% of Korea, The make up 5.7% of Seoul.
But here’s the big question: What percentage of the movie tickets, luxury goods, and soju do you think they buy? Here’s the answer: http://sparkah.com/2011/11/14/google-seo-consultant-expert-in-seoul-reveals-expat-spending-in-seoul-korea-and-naver-vs-google-secrets/
Ironically, as we sat at Coffeesmith in Garosu Gil, Sinsa Dong, Seoul… about half the conversations we overheard were in fluent English.
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