Market Trends

🎨 South Korea's contemporary art scene has been blossoming, with the Korean art market ranked 7th globally in 2022, boasting a market worth USD 782 million, reflecting a 32.2% year-on-year growth. Trailblazers like K-pop groups Big Bang and 2NE1 led the cultural export wave, followed by the global recognition of Korean monochrome painting (Dansaekwha) at the 2015 Venice Biennale. Notable art publications include Joan Kee's "Contemporary Korean Art: Tansaekhwa and the Urgency of Method" (2013) and Phaidon's "Korean Art from 1953" (2020). Major luxury brands such as Dior, Louis Vuitton, and Cartier have collaborated with Korean artists and artisans, amplifying Korea's cultural influence. President Yoon Suk-yeol announced a substantial investment of USD 3.7 billion in the arts in 2022, highlighting the government's dedication to promoting Korean culture.

📍 The travel industry is rebounding post-pandemic but faces high living costs impacting holidaymakers' budgets. Travel brands are advised to focus on personalized experiences over deals and promotions, leveraging consumer data to inform campaigns and enhance the customer journey. Collaborations, like an airline partnering with a luxury retail brand, can optimize re-targeting and enhance in-flight experiences. The first-party data held by travel companies is invaluable for understanding consumer behavior and facilitating data collaboration, enabling personalization and supporting media planning. Privacy concerns are addressed with privacy-by-design technologies and enhanced data clean rooms, allowing safe and effective data sharing. Travel marketers are encouraged to prioritize first-party data collection and collaboration to drive brand loyalty, customer engagement, and new revenue streams.

💰 In the UK, 69% of holidaymakers overspend on pre-holiday expenses, averaging £265. Main expenditures include new clothes (68% spend £121 on average) and travel insurance (60% purchase at £89 average). Beauty treatments also feature, with 40% getting a haircut (£44 average) and 20% opting for mani/pedis (£65 average). Overspending leads 22% to cut back on activities like dining out (38%) and excursions (25%). To cope, 35% use savings and 8% borrow money. Starling Bank's research highlights the impact of pre-holiday costs on budgets and enjoyment.

🍷 Orange wine, also known as amber wine or ramato, is a white wine that gains a unique taste similar to a dry red wine from extended skin contact during production. It pairs well with various dishes and reflects ancient winemaking practices. As per Datassential, orange wine appears on 1.1% of U.S. restaurant menus, marking a 32% increase in the last four years.

📈 PAR Punchh released its "PAR Punchh Loyalty Trends Report," revealing innovative loyalty program strategies in the restaurant industry. Key findings: loyalty programs drove a 12% increase in loyalty sales from 2022 to 2023, a 5% overall rise in consumer spending, morning sales growth due to office returns, and a 25% loyalty sign-up rate among Gen Z. In-store ordering accounted for nearly 40% of transactions, underscoring the value of omnichannel presence and POS systems. CEO Savneet Singh emphasized the importance of understanding loyalty behaviors for market success. The report is based on data from Punchh's platform, used by over 30% of top 100 restaurant brands.