Angel industry, a new vitality in Korea’s economy

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Today’s topic is about angel industry. I bet most of you are curious about this neologism. As you know, Korea and the neighboring countries are one of the fastest aging societies in the world. As a consequence, number of single-person households are growing at a rapid pace and the aged population with economic capability are growing as well. Such phenomenon is the reason why the angel industry, also called angel business is growing fast in Korea and Japan.

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Babies and children between 0 to 14 are the target customers of the angel industry. It is true that they are young and have no financial capabilities but their parents and grandparents do. Korea’s economy is now in a deep repression but the size of the angel industry is growing everyday. The angel business includes clothing, toy, animation, characters, education, groceries, and even finance.

Such kids are also called “gold kids” as their parents and grandparents treat them like a prince and princess. Even before few years, the scope of angel industry was limited to toys, clothing and entertainment. But these days, a lot of industries are springing up like mushrooms after rain.

It is predicted that in 2050, the infant population will take up 10% of total population and the scale of the relevant economy will grow up to 27 trillion won which is about 10 times bigger than its current size. Moreover, as Korean people’s craze for luxurious brands such as Burberry and Fendi is expected to vitalize both export and import. In a fact, a lot of foreign infant product brands such as Stokke are establishing their branches in Seoul.

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Angel Industry is growing and will continue to grow at a rapid pace in the future. It seems like almost every industry in Korea is trying to penetrate into the angel industry market or develop products that fit into the market. It is desirable that the angel industry is instilling new vitality in the depressed economy but we need to be extra careful about market confusion as it has always accompanied with financial problems.

Hyok hee kwon (kwonhyokhee@naver.com)

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