In Korea, the demand for ‘specialty coffees’ is soaring. (image credit: Kobiz Media/Korea Bizwire)
Seoul, July 24 (Korea Bizwire) — Just like a verse from the poem by Shin Gyung-ream, famous writer in Korea, ‘Just because we are poor does not necessarily mean we cannot know love’, we would know how good coffee tastes even if we’re poor.
That seems to be local consumer sentiment reflecting Korean affection for coffee. Even though the lingering effects of the economic slump are noticeable just about in every part of Korean business sections, in the case of coffee, however, it seems like the more expensive it is, the more it sells.
According to coffee industry analysts, ‘specialty coffees’ that rank in the top 7 percent in quality, taste, aroma and freshness are quickly winning over consumers’ hearts despite their high prices.
The reason expensive coffees are selling during the deflated economy seems to come from a vicarious fulfillment psychology.
Professor Kwak Gum-joo from the psychology department at SNU, explains the phenomenon. “Because of the economic slump, people cannot spend large amounts of money, but still want to buy things. So they spend on small luxuries to fulfill their urges to consume. This is more noticeable among younger people, and is predicted to last for a while.”
Starbucks reserve coffee bean (image courtesy of Starbucks Korea)
By Lina Jang (linajang@koreabizwire.com)
