The Event Tickets market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of new trends in the market.
Customer preferences: South Korean consumers have shown a growing interest in attending live events and experiences, leading to an increased demand for event tickets. This can be attributed to several factors. Firstly, there is a growing middle class in South Korea with higher disposable incomes, allowing them to spend more on leisure activities such as attending concerts, sports events, and theater performances. Secondly, the younger generation in South Korea, known as the "Hallyu" or Korean Wave, has a strong interest in Korean pop culture, including K-pop music and K-dramas. This has led to a surge in demand for tickets to K-pop concerts and fan meetings. Lastly, South Koreans have a strong sense of community and enjoy participating in social activities, making events a popular choice for entertainment.
Trends in the market: One of the key trends in the South Korean Event Tickets market is the increasing popularity of online ticket sales. With the widespread use of smartphones and internet connectivity, consumers are opting for the convenience of purchasing tickets online. This has led to the rise of online ticketing platforms, which provide a wide range of event options and seamless booking experiences. Furthermore, these platforms often offer discounts and promotions, attracting more customers to make their ticket purchases online. Another trend in the market is the growing demand for international events. South Koreans are increasingly interested in attending concerts and events featuring international artists and performers. This trend can be attributed to the globalization of Korean pop culture and the desire to experience different cultures. As a result, event organizers are bringing in more international acts to cater to this demand, further driving the growth of the Event Tickets market.
Local special circumstances: South Korea has a vibrant entertainment industry, with a strong emphasis on live performances and events. The country is known for its high-quality productions and talented performers, attracting both domestic and international audiences. This has created a favorable environment for the Event Tickets market to thrive. Additionally, the government has been supportive of the entertainment industry, investing in infrastructure and promoting cultural events to boost tourism and stimulate economic growth.
Underlying macroeconomic factors: The South Korean economy has been steadily growing, providing consumers with more disposable income to spend on leisure activities. The country's strong digital infrastructure and high internet penetration rate have also contributed to the growth of online ticket sales. Furthermore, South Korea's strategic location in East Asia has made it an attractive destination for international events, further boosting the Event Tickets market. In conclusion, the Event Tickets market in South Korea is experiencing growth due to changing customer preferences, the popularity of online ticket sales, the demand for international events, the vibrant entertainment industry, and favorable macroeconomic factors. As these trends continue to evolve, the market is expected to further expand in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us 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 relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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