consumers Archives | Be Korea-savvy
Consumers Flock to Convenience Stores for Groceries

Consumers Flock to Convenience Stores for Groceries

SEOUL, Dec. 28 (Korea Bizwire) — Changes in consumer lifestyle following the onset of the coronavirus pandemic are being felt in convenience store sales. 7-Eleven’s transportation card recharge sales between January and December 22 were 48.4 percent lower compared to the previous year. Sales of standard garbage bags, in contrast, were 21.8 percent higher. During [...]

Online Shoppers Price Sensitive for Daily Necessities, but Splurge on Big Ticket Items

Online Shoppers Price Sensitive for Daily Necessities, but Splurge on Big Ticket Items

SEOUL, Nov. 12 (Korea Bizwire) — When South Korean consumers buy daily necessities at online shopping malls, they tend to care about price and attempt to buy large quantities at bargain prices. However, when they buy high-priced items, they are more likely to splurge without caring much about price. eBay Korea analyzed sales data from [...]

Luxury Market Enjoys Boom Despite COVID-19 Economic Recession

Luxury Market Enjoys Boom Despite COVID-19 Economic Recession

SEOUL, Oct. 19 (Korea Bizwire) — Despite the prolonged economic recession resulting from the outbreak of the COVID-19 pandemic, sales of luxury items have marked a sharp increase. According to the Ministry of Trade, Industry and Energy, sales of luxury items at the nation’s major department stores were up 9.2 percent year on year in [...]

Transactions of Secondhand Items Soar amid Dampened Consumer Sentiment

Transactions of Secondhand Items Soar amid Dampened Consumer Sentiment

SEOUL, Oct. 19 (Korea Bizwire) — Amid sluggish consumer spending resulting from the outbreak of the COVID-19 pandemic, transactions of secondhand items are growing at a rapid pace. Consumers with thinner wallets are increasingly looking for cheap used items rather than buying new ones, while liquidating the items that they don’t use for cash. According [...]

Coronavirus Sends S. Korea’s Consumer Spending Indoors Plunging

Coronavirus Sends S. Korea’s Consumer Spending Indoors Plunging

SEOUL, Sept. 25 (Korea Bizwire) — The coronavirus pandemic has resulted in a plunge in South Korean consumers’ spending at department stores, cinemas and other large indoor facilities, an expert said Friday. In contrast, consumer spending at outdoor and small facilities, including neighborhood grocery stores and camping sites, has gone up, said Lee Jae-ho, head [...]

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

SEOUL, Sept. 23 (Korea Bizwire) — South Korean life insurance companies are launching mini-plans that come with affordable premiums and simple insurance policies to target young customers. The Korea Life Insurance Association said on Tuesday that mini-plans are becoming a new trend in the insurance industry. Normally, a life insurance plan requires customers to pay [...]