K-Pop Overseas Fans’ Monthly Splurge on Goods Surpasses Averages in the U.S. and Japan with Ease
Statistics show that overseas K-pop fans spend overwhelmingly more on goods compared to other cultural contents. This suggests that the cultural influence of K-pop is quickly manifesting as economic impact. On average, these fans are estimated to spend around $24 (approximately 30,000 won) monthly on K-pop-related goods. This spending level is more than 2.4 times higher than the average U.S. listener and about 33% higher than J-pop fans who have a preference for American or Japanese culture.
According to the 2023 annual report by Luminate, a U.S. music market analysis firm, K-pop fans’ expenditure on K-pop goods is considered a significant 2.4 times higher than the average U.S. listener and approximately 33% higher than J-pop fans. This indicates that fans immersed in K-pop exhibit higher spending power compared to consumers of other cultural contents. The report evaluates K-pop as ‘Big Business.’
Helena Kosinski, Vice President of Luminate, referred to these figures as “tremendous numbers” and mentioned that it signifies a “tremendous opportunity to boost artist revenue through artist merchandise.” U.S. K-pop fans, especially, were found to purchase related merchandise even when they couldn’t attend artists’ music events, with 50% more cases than the average listener.
Luminate analyst Haley Jones conveyed in a webinar related to the report that K-pop fans are “very loyal and passionate,” emphasizing a significant presence of ‘super fans’ who actively engage with artists in various ways, from streaming to social media, merchandise purchases, and attending performances.
However, there is also an assessment in the industry that it is not a time to be complacent with these numbers. While it’s a fact that K-pop is gaining popularity, and K-pop fans are displaying high purchasing power, there is also a need to expand the fan base. Bang Si-hyuk, the chairman of HYBE, and Park Jin-young, the producer leading JYP Entertainment, discussed the expansiveness of K-pop on tvN’s ‘You Quiz on the Block‘ in November of last year. Chairman Bang mentioned the importance of adopting a structure that can attract a lot of light fandom around it, stating, “We need to have a structure where many light fandoms can attach to the periphery. Many genres that started in niches have disappeared after failing to overcome a certain fandom.” Producer Park Jin-young also agreed, stating that the biggest concern is fundamentally broadening the fan base.
Source: Daum
