EPB Business Study Item #1
Hagwon Business in Korea What is Hagwon in Korea? Hagwon (Krean: 학원; [ha.gwʌn]) is a Korean term for a for-profit private educational institution. They are commonly likened to cram schools. How big is the market? In 2022, the total expenses on Hagwon per household in Korea was $19.4 billion(USD), which was around $2.6 billion higher than that of Mcdonald’s annual gross profit in the United States($13.207 billion) in the same year. Why people pay for it? First of all, Hagwon business successfully satisfied the very innate human desire; we all wish to have a better future. It’s not only because of the competitiveness of Korean society, but there’s more to think about behind the strong demands in the business. We will analyze and share our thoughts on what’s the desire or emotion behind it, and project it into various societies in the world, so we can see if there’s any other types of business model we can think of to create the market transformation. It is strange. That means it’s worth learning If it sounds new or strange, it’s time to leave and learn. itinerary & cost references