Press

As the 'local market' gains renewed attention due to the COVID-19 pandemic, various forms of regional businesses are emerging. Additionally, with local governments continuing to address regional imbalances, 'hip' initiatives to attract young populations are being added. The trend of region-focused local economy, abbreviated as 'loconomy,' is expected to continue for some time. The Localize Gunsan Project provides opportunities for regional startup education to areas experiencing population decline due to job shortages and economic decline, establishes an economic foundation for settling in the region, and revitalizes the local economy. ◇Hyper-Local Apps 'Skyrocketing in Popularity'=Hyper-local, in dictionary terms, means 'tailored to the characteristics of a very narrow area.' It refers to a neighborhood living area narrower than the existing local concept. Carrot Market, established in 2015, was a latecomer in the secondhand trading market but climbed to the number one position through strict region-based direct transactions. While existing secondhand trading operated on a nationwide basis with inherent drawbacks like scams, Carrot Market enabled transactions within a 6km radius of locations set by users based on GPS. Carrot Market, meaning 'the market near you,' was valued at 3 trillion won last year and became a unicorn company. The phrase "Are you a carrot?" caused a sensation in the domestic market. Recently, it launched 'Carrot Pay,' a convenient remittance service, to achieve a 'lock-in effect' through exclusive payment use. When using Carrot Pay for secondhand transactions, real-time transfers are possible through Carrot chat without needing separate bank or transfer apps. Sellers can immediately confirm transfer results on the chat screen. Personal information such as account numbers need not be exchanged. Transfer fees are free. On the region-based talent trading platform 'Gigmon,' users can easily post if they want to trade talents with neighbors in the same neighborhood and sell talents to buyers who need them. Trading amounts are set by users, and there are no seller fees after talent trade completion. According to Job Korea's analysis of Gigmon's 200+ detailed categories, 'drawing and illustration creation' talent accounted for 8.6%, the highest. Various drawing talents including pet portraits, caricatures, SD characters, and oil pastels are being registered. 'Pet walking (6.5%)', 'psychological counseling (3.3%)', and 'pet sitting (2.6%)' are also steadily registered. According to global market research firm Research and Markets, the global hyper-local service market is projected to grow approximately 273% from $973 billion in 2019 to $3.6343 trillion by 2027. ◇Regional Craft Beer Popularity=COVID-19 has changed our living area, thinking, and preferences. Increased home drinking and solo drinking are exemplified in changing the liquor market landscape. Various craft beer brands have entered the liquor market, with beers containing regional characteristics being particularly popular. CU collaborated with regional small breweries to launch 'Seoul Pale Ale,' 'Gyeonggi Wheat Ale,' 'Gangwon Ale,' 'Chungcheong Session IPA,' and 'Jeonla Lager.' Additionally, SevenBroi, a domestic craft beer specialist, showcased 'Gangseo Beer' and 'Han River Beer' with regional characteristics, along with the explosively popular Bear Brand wheat beer. According to the Korean Craft Beer Association, domestic craft beer sales last year reached 118 billion won, growing nearly threefold from 43 billion won in 2017 in just three years. ◇Large Corporations 'Strengthening Regional Connections'=The reason local business is gaining attention can be found in 'value consumption.' Large corporations are strengthening regional connections as part of ESG management, and the MZ generation is a generation that opens their wallets for value consumption. GS25 is continuing ESG management activities by launching Breadique, a premium bakery brand, in January last year, and releasing products utilizing local specialties. Recently, it launched Uiseong Garlic Bread and Muan Onion & Leek Bread as regional specialty-linked products. Breadique's Uiseong Garlic Bread is made with 100% Uiseong garlic in sweet cheese cream sauce, while Muan Onion & Leek Bread features onion, leek, and garlic sautéed in vegetable oil topped with three types of cheese. SPC Group signed an 'ESG Happy Coexistence Project' with Nonsan City as part of ESG management activities. Young Nonsan farmers' strawberry variety 'Vitaberry' participated in bakery product optimization R&D, and related new products were launched to support sales and revenue expansion. Vitaberry is a new variety developed for export by Chungcheongnam-do Agricultural Technology Center's Strawberry Research Institute in 2019, featuring high hardness, aroma, sugar content, and vitamin C. Meanwhile, 'Dore Dore Cellarsus' is a café located on Ganghwa Island where you can enjoy desserts pairing Ganghwa Island rice, yellow sweet potatoes, mugwort, and Ganghwa chestnuts. ◇MZ Generation Target... Rustic Vacations, Monthly Living=Is rusticity hip? Professor Kim Nan-do of Seoul National University's Consumer Science Department stated in 'Trend Korea 2022,' 'Rustic life refers to a rural-leaning lifestyle that enjoys raw nature and rural charm while providing leisure and comfort to urban life. Rather than rural exodus disconnected from cities, rustic life refers to a new direction of spending about 5 days a week in cities and adding 2-3 days of rusticity to life.'