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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 [...]

‘Stay at Home’ Trend, Ignited by COVID-19, Changes Consumption Landscape

‘Stay at Home’ Trend, Ignited by COVID-19, Changes Consumption Landscape

SEOUL, Sept. 9 (Korea Bizwire) — With the ‘stay at home’ trend spreading, ignited by the outbreak of the COVID-19 crisis, consumer demand for indoor household items has increased while that for fashion and decoration items such as jewelry has declined. Lotte Home Shopping Inc., a shopping unit of retail conglomerate Lotte, analyzed the trend [...]

S. Koreans’ Nonessential Spending Plummets amid Coronavirus

S. Koreans’ Nonessential Spending Plummets amid Coronavirus

SEOUL, Aug. 2 (Korea Bizwire) — South Korean consumers purchased far fewer nonessential items in the first quarter than normal due to economic uncertainty sparked by the coronavirus pandemic, data showed Sunday. The combined essential spending came to 84.81 trillion won (US$71 billion) in the January-March period, accounting for 40.56 percent of total household expenditures, [...]