The household expenditure on home goods in South Korea exhibited a steady rise over the past decade, reaching 32.13 trillion South Korean Wons in 2023. The year-on-year growth rate was 3.2% in 2023, rebounding from a slight dip in 2022. Over the past five years, the compound annual growth rate (CAGR) has averaged 4.39%, indicating a robust upward trend. Looking ahead, the forecast suggests moderate growth, with an expected five-year CAGR of 2.2% and an overall growth rate of 11.47% by 2028.

Future trends to watch for:

Impact of economic policies and consumer confidence on discretionary spending.
Effects of demographic changes, such as aging population, on home goods consumption.
Influence of technological advancements and smart home products on market growth.
Shifts in home ownership rates and urbanization trends affecting housing-related expenditures.