SEOUL, Jan. 24 (Korea Bizwire) — South Korea’s domestic auto market saw its weakest performance in over a decade in 2024, with new car sales hitting their lowest level since 2013, according to a report released by the Korea Automobile & Mobility Industry Association (KAMA) on Thursday. The report revealed that 1.635 million new vehicles were [...]
SEOUL, Jan. 16 (Korea Bizwire) — For the first time since the 1997-1998 Asian financial crisis, South Korea’s imported car market has experienced a two-year consecutive decline in sales. According to the Korea Automobile Importers & Distributors Association (KAIDA) on January 15, the number of newly registered imported passenger vehicles in 2024 totaled 263,288 units, marking [...]
SEOUL, Nov. 3 (Korea Bizwire) — Concerns are growing that year-end consumption activities could drastically cool down if consumer sentiment is dampened due to the impact of the Halloween crowd crush in Seoul’s Itaewon district. According to the Bank of Korea (BOK), South Korea’s consumer sentiment index (CSI) has remained below 100 for five straight [...]
SEOUL, March 12 (Korea Bizwire) — Pummeled by the rapid spread of the novel coronavirus, South Korea’s consumer sentiment fell at the fastest clip among major economies in February, data showed Thursday. South Korea’s composite consumer sentiment index stood at 96.9 for February, down 0.4 from the previous month, according to the data from the [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s consumer sentiment slid to a 21-month low in November due to escalating concerns over an economic downturn, a central bank poll showed Tuesday. The composite consumer sentiment index (CCSI) for this month stood at 96.0, down 3.5 points from October, according to the Bank of Korea (BOK). [...]
SEOUL, Aug. 30 (Korea Bizwire) – Consumer sentiment has turned pessimistic in South Korea, hitting a new 17-month low. The Composite Consumer Sentiment Index (CCSI) for August plunged to 99.2, down 1.8 points from the previous month, according to a survey by the Bank of Korea (BOK) on Aug. 28. This marks the lowest CCSI score [...]
SEOUL, Jul. 19 (Korea Bizwire) — A tax imposed on new car owners known as the special consumption tax will be lowered temporarily until the end of the year starting with car purchases made today. For example, consumers who buy a mid-sized sedan for 20 million won will be paying 430,000 won less tax due [...]
SEOUL, March 7 (Korea Bizwire) – After months of political scandals that have left the nation much divided, political stability is now of great importance to South Koreans. According to Nielsen’s latest report on consumer confidence, “economy” was the biggest concern for 33 percent of Korean consumers in the previous quarter (Q4 2016), followed by [...]
SEOUL, Oct. 31 (Korea Bizwire) – A recent study from the Seoul Institute indicated that although the city’s consumer sentiment improved slightly in the third quarter, the market’s expectations for economic recovery were further downgraded. In its report 2016 Q3 Seoul Public Economy Consumer Sentiment Diagnosis (issued October 30), the city’s consumer sentiment index (CSI) [...]
SEOUL, April 28 (Korea Bizwire) – South Korea’s top central bank said Tuesday the country’s economic recovery is gaining momentum despite external risks but stressed that structural reform is necessary for long-term growth. Bank of Korea (BOK) data released last week showed that the country’s gross domestic product (GDP) grew 0.8 percent on-quarter in the first three [...]