SEOUL, Jan. 30 (Korea Bizwire) — The share of monthly rental contracts in South Korea’s housing market reached a record high in 2024, nearing 60% of all lease agreements, as rising interest rates and concerns over rental fraud (in particular jeonse frauds) accelerated the transition away from traditional lump-sum deposits. According to data from the Supreme [...]
SEOUL, Jan. 29 (Korea Bizwire) — South Korea’s fashion and beauty industries are gaining significant traction in Japan, driven by the global popularity of K-pop and Korean dramas. Industry players are leveraging this momentum with targeted efforts to expand their presence in the Japanese market. Leading the charge, companies like Musinsa, CJ Olive Young, and department [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s coffee imports reached a record high of nearly 2 trillion won ($1.38 billion USD) in 2024, reflecting an 11% increase from the previous year, according to data from the Korea Agro-Fisheries & Food Trade Corporation. The country imported 215,838 tons of coffee, including green beans, roasted beans, concentrates, [...]
SEOUL, Jan. 28 (Korea Bizwire) — As South Koreans hit the road for holiday travel, highway rest stops become essential destinations for refueling and grabbing snacks. During last year’s Chuseok holiday (September 14-18, 2024), the most popular item sold at rest stops nationwide was the Americano, generating 2.27 billion won ($1.57 million USD) in sales, according [...]
SEOUL, Jan. 28 (Korea Bizwire) — The number of pets traveling on Korean Air flights has more than doubled over the past four years, reflecting the growing demand for pet-friendly travel. According to Korean Air, the total number of applications for pet transport—both as in-cabin companions and as checked baggage—reached 57,595 in 2024, a 12.6% increase [...]
SEOUL, Jan. 28 (Korea Bizwire) — Investors are pouring a large amount of money into funds that invest in U.S. stocks on hopes that President Donald Trump’s “America First” policy would help further boost the U.S. stock market, data showed Tuesday. According to the data from market tracker FnGuide, 167 funds that invest in U.S. [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s three major department store chains said Tuesday their luxury goods sales continued to rise last year on steady demand for premium products despite an economic slowdown. Luxury goods sales at Lotte, Shinsegae and Hyundai department stores sharply increased during the 2020-2022 period when people were engaged in “revenge [...]
SEOUL, Jan. 28 (Korea Bizwire) — Once a cornerstone of youth culture in South Korea, PC cafés—known locally as “PC bangs”—are vanishing at an accelerating rate. According to the National Tax Service’s statistical portal, the number of PC cafés nationwide stood at 7,280 as of October 2024, a sharp 7.6% drop from the 7,858 recorded a [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s luxury department stores are increasingly reliant on high-spending VIP customers, with their contribution to total sales surpassing 50% at some retailers in 2024, reflecting a growing polarization in consumer behavior amid economic challenges. According to industry data released on January 26, VIP customers accounted for 51% of sales [...]
SEOUL, Jan. 27 (Korea Bizwire) — As South Koreans prepare for what will be an unprecedented nine-day Lunar New Year holiday for some, an unusual employment trend is emerging: a sharp increase in short-term jobs caring for pets, from feeding fish to walking dogs. According to the online community marketplace Karrot Market, pet-related job postings have [...]