Market Insights Advertising & Media Advertising

Digital Classifieds - South Korea

South Korea

The Digital Classifieds market in South Korea is expected to see ad spending reach US$340.30m in 2024.
This expenditure is forecasted to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 0.30%, leading to an estimated market size of US$345.50m by 2029.
When compared globally, the highest ad spending is anticipated China, amounting to US$7,661.00m in 2024.
The average ad spending per internet user in the General classifieds market is projected to be US$2.36 in 2024.
By 2029, 63.54% of the total ad spending in the Digital Classifieds market in South Korea will originate from mobile.
In South Korea, the digital classifieds market is experiencing a surge in mobile app usage for advertising placements, reflecting shifting consumer behavior patterns.

Key regions: Asia, China, France, United States, Japan

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Analyst Opinion

The Digital Classifieds market in South Korea is experiencing significant growth and development.

Customer preferences: South Korean consumers are increasingly turning to digital platforms for their classifieds needs. This shift is driven by several factors. Firstly, the convenience and accessibility of digital platforms make it easier for consumers to browse and search for products and services. Secondly, the ability to compare prices and read reviews online allows consumers to make more informed purchasing decisions. Finally, the rise of mobile devices has made it even more convenient for consumers to access digital classifieds platforms on the go.

Trends in the market: One of the key trends in the South Korean Digital Classifieds market is the increasing popularity of online marketplaces. These platforms provide a wide range of products and services, making it a one-stop-shop for consumers. Additionally, the rise of peer-to-peer marketplaces has enabled individuals to buy and sell second-hand items easily. This trend is driven by the desire for sustainability and cost savings among consumers. Another trend in the market is the growing demand for specialized classifieds platforms. South Korean consumers are increasingly looking for niche platforms that cater to specific needs or interests. For example, there has been a rise in platforms dedicated to real estate, jobs, and cars. These specialized platforms provide a more targeted and efficient experience for consumers.

Local special circumstances: South Korea has a highly connected population with a high internet penetration rate. This makes it an ideal market for digital classifieds platforms to thrive. Additionally, South Korean consumers are known for their tech-savviness and willingness to adopt new technologies. This has created a favorable environment for the growth of the Digital Classifieds market.

Underlying macroeconomic factors: The South Korean economy has been experiencing steady growth, which has contributed to the growth of the Digital Classifieds market. As consumers have more disposable income, they are more likely to engage in online shopping and use digital classifieds platforms. Furthermore, the government has been actively promoting the digital economy, which has created a supportive regulatory environment for the Digital Classifieds market to flourish. In conclusion, the Digital Classifieds market in South Korea is thriving due to customer preferences for convenience, accessibility, and a wide range of products and services. The market is characterized by the increasing popularity of online marketplaces and specialized platforms. South Korea's high internet penetration rate, tech-savvy population, and favorable macroeconomic factors have created a conducive environment for the growth of the Digital Classifieds market.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital classifieds advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers digital classifieds advertising fees paid by advertisers to display online jobs, motor, real estate, and general classifieds.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from industry association reports, third-party reports, and survey results from our primary research (e.g., Consumer Insights) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.