Foreigners, “I Will Pay More for Japanese Products”

The Ministry of Commerce and Industry and Energy and Korea Trade-Investment Promotion Agency (KOTRA) commissioned the Institute for Industrial Policy Studies (IPS) to conduct a survey on South Korea`s brand image. The survey, “A Survey of a National Brand Map,” was conducted on over 2,809 adult respondents from 21 large cities around the world including the U.S., China, the U.K., Germany, and Japan.

According to the survey report released on May 14, it was found that foreigners will pay 50 percent more for Japanese or American products than for Korean products. Here are details: To the question, “If you spend $100 to buy or use a Korean product or service, how much would you pay for the same kind of service or product that was offered by Germany, Japan, the U.S., or China.” Germany received the highest score - $155, followed by Japan’s $148.7, and the U.S.’ $148.6. However, China came in with the lowest ranking. Its service or product would get only $71.2. The survey shows that South Korea’s brand value is far below that of advanced nations.

In another question to assess South Korea’s seven major growth engines, the nation`s mobile phone industry received the highest score, followed by information technology, semi conductor, consumer electronics, steel, culture, automobiles, and textile. This shows that mobile phones are regarded as the most significant product of Korea.

When asked about their image of South Korea, Asian and European consumers replied that South Korea is “dynamic” and “have lots of sophisticated technologies” while American consumers say it “is specialized.”

jarrett@donga.com