Seven of 10 foreign buyers say Korea's national brand has had a positive effect on their purchases of products.
The Institute for International Trade under the Korea International Trade Association (KITA) on March 24 published the results of a survey on foreign buyer perceptions of Korea's national brand image and products. The majority 72.9% of the respondents said the national brand had a positive impact on their purchase of Korean products.
Buyers said they first thought of "high quality" (25.4%) when Korean products came to mind, followed by "reasonable prices"(16.9%), "creativity" (15%) and "sophisticated design" (13.6%), the latter being nearly double from 7.5% in 2013.
In addition, 66.7% said Korea's national brand grew stronger due to "spread of Korean content" (31.8%) and "advancement of Korean corporations" (25.6%). KITA said the global dissemination of Hallyu such as the hit Netflix series "Squid Game" and K-pop phenom BTS boosted recognition of Korea's national brand.
Buyers also made several recommendations to further boost the national brand, such as the development and spread of diverse Korean content (27.2%), stronger promotion of outstanding corporations and products (24.9%), and more international activities at the national level (23%).
The institute said, "We must develop national brand slogans through links with Korean content and maximize the promotional effects by encouraging private corporations to use the national brand in their brands," adding, "A steady, unified and dedicated organization at the pan-government level is essential."
