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, [...]
SEOUL, May 12 (Korea Bizwire) — Consumers in their 40s or older are growing a stronger presence in the energy drink market. The the state-run Korea Agro-Fisheries & Food Trade Corp. (aT) reported on Monday that South Korea’s energy drink market reached a volume of 15.6 million liters last year, growing by an average of [...]
SEOUL, April 8 (Korea Bizwire) — Most consumers believe that the quality comparison information of a product has a significant impact on product selection, a recent survey showed Tuesday. The Korea Consumer Agency (KCA) conducted a survey of 600 consumers who have utilized quality comparison information. As a result, 94.1 percent of the respondents said [...]
SEOUL, Feb. 21 (Korea Bizwire) — Shopping patterns have changed since the outbreak of the new coronavirus, as demand for products to take care of one’s appearance has decreased and purchases of products related to health, hygiene and convenience have increased, the TV shopping channel said. Lotte Home Shopping Inc., a subsidiary of retail conglomerate [...]
SEOUL, Feb. 18 (Korea Bizwire) — The e-commerce industry, which has long emphasized “fast delivery,” is now expanding its services, with competition now turning to offering “easy returns”. South Korea’s major shopping portal 11st said Monday that it has introduced a service to offset return costs caused by customers exchanging products, in which an insurance [...]
SEOUL, Feb. 6 (Korea Bizwire) — The coronavirus outbreak has resulted in worry among South Koreans purchasing goods directly from China over the risk of infection through delivered goods. The Korea Customs Service reported that incoming products from China accounted for as much as 33 percent of the foreign direct purchase market, ranking second after [...]
SEOUL, Jan. 29 (Korea Bizwire) – During the Lunar New Year holiday, consumers focused on products for themselves and invested in themselves. CJ O Shopping Co., a South Korean cable home shopping channel, analyzed sales during the Lunar New Year holiday from January 24 to 27. The results showed that the amount of orders for foreign and [...]
SEOUL, Dec. 31 (Korea Bizwire) — Instead of following the uniform trend and falling into a groove, 2020 will be the year of consumers choosing their preferred brands based on the beliefs and values they seek. The Samsung Fashion Institute said Monday that consumers’ needs will be increasingly fragmented next year and brands are also [...]
SEOUL, Dec. 30 (Korea Bizwire) — A business forecast argues that consumers including millennials, women, and seniors, and enterprises focusing on digital innovation will lead business trends in the 2020s. Woori Finance Research Institute, a research unit of Woori Financial Group, introduced seven keywords for future business in a report released on Sunday. The seven [...]
SEOUL, Dec. 26 (Korea Bizwire) — Consumers who are buying the first car of their life are increasingly turning to used cars. According to an online survey of 314 men and women conducted by K-Car, a South Korean used car dealer, 67.5 percent of the respondents chose used car as their first car when asked [...]