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traditional wedding customs, choosing efficiency and personal meaning over long-established practices that some view as outdated or burdensome.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 [...]
SEOUL, Feb. 4 (Korea Bizwire) — The era of predawn queues for luxury goods appears to be waning among South Korea’s young consumers, who are increasingly turning to budget-friendly alternatives known as “dupes” — affordable replicas of high-end products. The term “dupe,” derived from “duplicate,” refers to cost-effective substitutes for luxury or premium items. According to [...]
SEOUL, Feb. 3 (Korea Bizwire) — In a sign of shifting market dynamics, new applications for reverse mortgages in South Korea increased while cancellations decreased as the real estate market showed signs of cooling at the end of last year. According to data from the Korea Housing Finance Corporation’s housing finance statistics system, new reverse mortgage [...]
SEOUL, Feb. 3 (Korea Bizwire) — Fashion and apparel companies are increasingly leveraging short-form videos to tell brand stories and boost marketing efforts, industry sources reported on February 2. Major fashion brands and platforms are expanding their YouTube presence and video content offerings on their platforms, responding to the preferences of their primary customer base – [...]
SEOUL, Feb. 2 (Korea Bizwire) — Japanese-style mahjong, known as Riichi mahjong, is experiencing a surge in popularity among South Korean millennials and Gen Z, both online and offline. Once overshadowed by traditional Korean card games, Riichi mahjong is now drawing significant interest, fueled by online gaming platforms, manga culture, and social gaming trends. Online Riichi [...]