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Home Retail News Retailer News

As Squid Game returns to our screens, Just Eat reveals ‘K-Wave’ powers £3.5 billion boost to UK economy

by Fiona Briggs
December 27, 2024
in Retailer News
Reading Time: 3 mins read

With the return of the iconic TV show, Squid Game Season 2 on Boxing Day, Just Eat and Netflix’s new partnership brings fans a bespoke Squid Game experience right to their front door. Customers can enjoy a Squid Game-inspired menu of “reimagined Korean classics which are available from 130 restaurant partners across the UK.

This comes as new research from Just Eat, the UK’s leading on demand delivery network, reveals the nation is riding a ‘K-Wave’ boom for Korean food and products worth a staggering £3.5 billion. Of this spending, beauty and fashion accounts for 42%, with food accounting for the remaining 58%, according to consultancy Development Economics.

Korean culture reaches every corner of the UK

The spending boom comes as powerhouses like the zombie-fuelled teen series, All of Us Are Dead, and K-Pop bands, such as BTS and Blackpink, capture the cultural zeitgeist in the UK. According to Just Eat’s survey of 2,000 people by OnePoll, nearly half of Brits (47%) are seeking Korean goods, with one in five saying they now eat East Asian food at least once a month. Consumers say they’ve been influenced by:

  1. Entertainment icons: 53% have been motivated by Korean music and TV
  2. Social media trends: 35% are inspired by trending food and beauty products
  3. Health benefits: 30% are drawn to the cuisine’s wellness appeal

Upcoming pop culture moments are expected to further fuel the ‘K-Wave’, from the return of Squid Game to Netflix – the first series of which was watched by over 142 million households – to the forthcoming solo album from former Blackpink star, Lisa.

Food fuels the ‘K-Wave’

For much of the UK, the ‘K-Wave’ also represents an untapped market, with 47% expressing a desire for more Korean food options in their local area and 46% interested in learning more about the culture.

There’s even a burgeoning market with the Boomer generation, with one in five of those aged 65 years and above having spent money on East Asian inspired food and ingredients.

London leads regional interest, with residents spending an estimated £1.18 billion on Korean products annually—nearly 34% of the national total. Northern Ireland and Scotland follow closely behind the capital, reflecting a UK-wide trend of spending power for exports from the peninsular region.

For restaurants and other food outlets, there’s plenty of room to innovate. Korean staples like kimchi and fried chicken, recognised by 41% and 32% of Brits respectively, are already well-established, but other traditional dishes – such as bibimbap (14%), bulgogi (10%), and japchae (8%), remain virtually unknown.

Driving growth for UK businesses

Just Eat believes small restaurants and retailers can tap into trends like the K-wave by creating culturally relevant dishes, and promoting them on social media platforms, which over time could make Korean cuisine as mainstream and accessible as Chinese or Italian food.

Many of Just Eat’s 88,000 partners nationwide are already rising to the challenge. With almost 500 orders placed every minute last year across the UK and Ireland on Just Eat, many independent high street businesses are helping customers discover a love for East Asian food and products.

Kokodoo, a Korean Fried Chicken chain, says the popularity of the culture has helped business to boom, opening new branches despite the challenging economic environment.

One franchise owner, Nuruallah Nasim, said: “We’ve seen a 300% increase in sales at Kokadoo Camberwell since opening, and this buzz around Korean culture has definitely helped to fuel our growth.”

Longdan, a chain of Asian supermarkets, has also seen a huge rise in appetite for Korean ingredients. Pema Penjor, Marketing Lead at Longdan, said: “From trending TikTok favourites like the Samyang Carbonara noodles, to staple items like kimchi and tteobokki, demand for Korean products has tripled in the last year.

“Whether it’s viral hits like APT by Rose and Bruno Mars, or K-idol groups like New Jeans and Stray Kids, everything Korean is in demand.”

Leigh Phillipson, UK sales director, Just Eat, said: “Cultural trends increasingly influence everything from what we eat to how we take care of ourselves, and the K-wave is testament to this – orders of Korean food on Just Eat have grown 23% in the last year alone.

“With rapid delivery becoming part of our daily lives, it’s easier than ever to bring a diverse range of quality food from your screen to your door, all in a matter of minutes – and we’re proud to work with high street businesses to help our millions of consumers discover food they love.”

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