'Blue ocean' consumer groups offer new biz opportunity: report

SEOUL, March 10 (Yonhap) -- Higher unemployment, declining marriage rates and
pickier consumers are all bad news for local businesses but they could be a
blessing in disguise promising better returns for certain sectors amid a
protracted economy, a government report showed Tuesday.
The National Statistical Office (NSO) selected 10 "blue ocean" consumer
("bluesumer") groups in which there few competitors and increased opportunities
for local companies to boost their revenue.
Some of them are the result of a protracted economic slowdown, while others are
the outcome of the nation's changing demographics.
Of them, the NSO cited the labor market, which has been hit hard by the
protracted economic downturn. Though it might be a disaster for college
graduates, the toughening job market is a boon to recruiting companies who help
them find a place to work. According to the NSO, the job-recruiting market grew
to 80 billion won (US$52.4 million) last year from around 30 billion won in 2003.
Another promising consumer group is single households, which are growing at a
fast clip as people delay getting married. Breakfast delivery services,
"mini-sized" apartments and furniture tailored to a one-person household will
likely create a huge market down the road, the NSO said.
One-person households numbered 1.64 million in 1995 but the figure soared to 3.42
million this year. By 2030, single households will grow to 4.71 million,
accounting for 23.7 percent of the total, according to the NSO.
"Smart consumers" are also among the new bluesumers that businesses have to focus
on, said the NSO. As the economic slowdown is deepening, consumers are tightening
their purse strings and opt to use second-hand products and rental services, the
office said.
According to Auction, an online trading company, transactions of second-hand
products jumped 104 percent in September from a year earlier but soared 140
percent in October and 265 percent in November. Last December, the figure jumped
around six-fold from a year earlier.
"Intrabound" travelers and cyber shoppers are also among the new blue ocean
consumer groups and health-conscious people were cited among the 10 new
bluesumers as people become more concerned about the safety of what they eat.
"When domestic demand comes to an almost standstill, local businesses and
self-employed people are having trouble in finding new revenue. This led us to
conclude that it is more important than any other things to find blue ocean
consumer groups to provide a new ground for growth where competition is low," the
NSO said.
kokobj@yna.co.kr
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