Forget the sleepy days of quiet fandoms – the Korean Wave, or Hallyu, is turning into a full-blown tsunami, with global spending on Korean cultural products projected to skyrocket to $143 billion by 2030. This dazzling forecast, revealed by TikTok and Kantar, reflects the magnetic pull of K-content, encompassing everything from addictive K-dramas and infectious K-pop to mouth-watering Korean cuisine and cutting-edge cosmetics. TikTok, once a haven for dance challenges, has morphed into a vibrant hub for K-pop aficionados and curious souls eager to dive into the richness of Korean culture.
The Korean cultural juggernaut shows no signs of slowing. The market size of Hallyu currently stands at an impressive $76 billion, but with the unstoppable force of viral content, this number is set to double. Key markets like the United States and Southeast Asia are proving to be fertile grounds for K-content, promising to drive spending even higher. From Cardi B’s viral review of Buldak noodles sending Samyang Foods’ stocks soaring, to K-pop idols and webtoon creators becoming household names, the allure of Korean culture is creating ripple effects across the globe, solidifying South Korea’s soft power in a way few could have predicted.
Despite the overwhelming success abroad, TikTok’s dominance in spreading K-culture isn’t as pronounced in South Korea itself, where YouTube and Instagram reign supreme. However, the global stage is where TikTok shines, with a staggering 80% of users in the U.S. and Southeast Asia discovering Korean culture through the platform. The future looks bright, with the report indicating that spending on Korean food and beauty products is set to grow exponentially. As TikTok expands its e-commerce through TikTok Shop, the love for all things Korean shows no sign of abating – it’s not just a wave, it’s a cultural revolution.
(Source: SCMP | Glitter Magazine)
