Consumer Spending Fuels South Korea's HoReCa Sector
According to USDA Foreign Agricultural Service (FAS) data, based on the latest available official statistics, South Korea's foodservice sector was worth around USD 146.7 billion in 2023, up 8.3% compared to the previous year.
Consumer spending on eating out is also increasing. In 2024, monthly per capita spending rose by more than 6% year on year and by over 17% compared with 2022. Dining out now accounts for nearly 15% of total household expenditure, while almost half of all spending on food and beverages goes to the HoReCa sector.
A changing HoReCa sector...
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