SEOUL, March 18 (Korea Bizwire) — South Korea’s middle class continues to experience a prolonged decline in consumer spending, even as low- and high-income groups show signs of recovery, according to a new report from the Korea Chamber of Commerce and Industry (KCCI) released Monday. The study, titled “Recent Consumption Trends and Implications,” analyzed real [...]
SEOUL, March 11 (Korea Bizwire) — South Korea’s restaurant industry is experiencing its most severe downturn since the pandemic, with business sentiment falling to levels last seen during COVID-19 social distancing measures, according to government data released on March 9. The Restaurant Industry Business Survey Index dropped to 71.52 in the fourth quarter of 2024, down 4.52 [...]
SEOUL, March 3 (Korea Bizwire) — Once a haven for budget-conscious shoppers and vintage fashion enthusiasts, South Korea’s secondhand clothing markets are now feeling the strain of high inflation and shifting consumer habits. Vendors at Dongmyo Flea Market, one of Seoul’s most famous thrift-shopping destinations, report a sharp drop in sales, with some saying business [...]
SEOUL, Feb. 18 (Korea Bizwire) — Seoul’s retail sector is entering a slowdown phase as economic stagnation and reduced consumer spending take hold, according to a recent market analysis. Cushman & Wakefield Korea released its Q4 2024 Retail Market Report on Monday, forecasting that persistent inflation, a strong U.S. dollar, and rising household debt burdens [...]
SEOUL, Jan. 17 (Korea Bizwire) — Shinhan Card, a major South Korean credit card company, unveiled ‘REVIVE’ as its consumer trend keyword for 2025 on January 16, based on an analysis of customer spending and social media data. The REVIVE framework encompasses six key trends: Redefine Festivities, Exploring Identity, Virtual Companions, Integrated Contents Commerce, Value of [...]
SEOUL, Jan. 10 (Korea Bizwire) — Seoul residents aged 50 and above have significantly increased their spending over the past five years, while consumption among those in their 40s has remained flat or declined in many sectors, according to a recent study. According to a research report released on January 9 by the Seoul 50 Plus [...]
SEOUL, Jan. 8 (Korea Bizwire) — The Korea Chamber of Commerce and Industry (KCCI) unveiled its 2025 Retail Industry White Paper on January 7, identifying “S.N.A.K.E”—Survival, Next, AI, K-Culture, and Economical Consumption—as the year’s key consumer market trends. Survival in a Stagnant Market With global economic challenges and stagnating consumer markets, competition for limited spending [...]
SEOUL, Dec. 17 (Korea Bizwire) – A new analysis of social media data reveals that South Korean consumers are increasingly adopting cost-conscious spending habits, focusing on low-priced and small-packaged products. This shift reflects a growing emphasis on economic efficiency in response to prolonged inflation. Rising Concerns About Inflation According to KPR Digital Communication Research Institute, [...]
SEOUL, Dec. 11 (Korea Bizwire) – A major South Korean advertising agency has identified seven emerging consumer trends that it says will shape markets in 2025, highlighting shifts in everything from luxury consumption to climate-responsive behaviors. Daehong Communications, in its “2025 D.Life Signal Report” released on December 10, outlined several key “signals of change” that it [...]
SEOUL, Dec. 5 (Korea Bizwire) – CJ OnStyle, a major South Korean online retailer, has identified “newmiliar” as the defining consumer trend of 2024, describing a preference for products that combine familiarity with innovative twists. The term “newmiliar,” a portmanteau of “new” and “familiar,” emerged from the company’s analysis of sales data across its most popular [...]