SEOUL, Feb. 19 (Korea Bizwire) — South Korean users of the popular short-video app TikTok are on the rise despite concerns over possible data leakage, an industry data tracker said Wednesday. The monthly active users (MAU) of TikTok and TikTok Lite, which are owned by China-based ByteDance, reached 4.89 million and 4.79 million, respectively, in [...]
SEOUL, Feb. 18 (Korea Bizwire) — Gold and dollar deposits at South Korea’s major banks have reached record highs as investors seek safe-haven assets amid global economic uncertainty and a strong U.S. dollar. According to financial industry data released on February 18, the combined balance of dollar deposits at the country’s five largest banks—KB Kookmin, Shinhan, [...]
SEOUL, Feb. 18 (Korea Bizwire) — Once a popular and low-barrier entry point for entrepreneurs, South Korea’s café industry is now facing an intense survival challenge due to market oversaturation, rising costs, and regulatory pressures. Despite the industry’s rapid expansion, data shows an alarming rate of closures. According to Statistics Korea, as of 2022, the number [...]
SEOUL, Feb. 18 (Korea Bizwire) — A stark disconnect exists between how elderly South Koreans hope to spend their final days and where they actually die, according to a comprehensive study released on February 17 by the National Health Insurance Service Research Institute. The analysis found that while 67.5% of elderly long-term care recipients wish to [...]
SEOUL, Feb. 17 (Korea Bizwire) — Subscription-based services in South Korea saw significant growth in 2024, with generative artificial intelligence (AI) leading the surge, according to a recent analysis by KB Kookmin Card. The financial institution reported that total subscription transactions increased by 12.9% in 2024 compared to the previous year, while spending on subscription services [...]
SEOUL, Feb. 11 (Korea Bizwire) — Faced with the worst economic downturn in 21 years, South Korean consumers are increasingly turning to supermarkets over big-box retailers, preferring to buy necessities in smaller quantities rather than bulk purchases. According to data from Statistics Korea and industry sources, total retail sales fell by 2.2% in 2024, marking [...]
SEOUL, Feb. 10 (Korea Bizwire) — Until the late 1990s, the gray uniforms of Daewoo Motors workers in Bupyeong, Incheon, were a symbol of pride. These “Daewoo men” were welcomed everywhere in town, representing not just local economic vitality but South Korea’s industrial might. That era came to an abrupt end when Daewoo Motors defaulted in [...]
SEOUL, Feb. 10 (Korea Bizwire) — A growing number of young couples in South Korea are breaking from traditional wedding customs, choosing efficiency and personal meaning over long-established practices that some view as outdated or burdensome. Take Oh, 29, who recently decided to skip the customary bouquet toss at her wedding. “I was concerned about the [...]
SEOUL, Feb. 7 (Korea Bizwire) — A new survey has revealed distinct generational preferences in social media use among South Koreans, with younger users gravitating toward Instagram while those over 50 show a stronger affinity for Band. However, KakaoTalk remains the most widely used platform across all age groups. According to the “2024 Social Media User [...]
SEOUL, Feb. 5 (Korea Bizwire) — TGI Fridays is set to exit the South Korean market, with its local operator, MFG Korea, announcing plans to close all remaining locations in the country. The company will shut down stores gradually as their lease agreements expire, prioritizing its focus on the Mad for Garlic restaurant brand. Currently, TGI [...]