consumption Archives | Be Korea-savvy
Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]

National Assembly Speeds Up Efforts to Outlaw Dog Meat Consumption in S. Korea

National Assembly Speeds Up Efforts to Outlaw Dog Meat Consumption in S. Korea

SEOUL, Oct. 2 (Korea Bizwire) — Legislative efforts to end dog meat consumption in South Korea are picking up speed amid rare political unity following the presidential office’s outspoken support for ending the centuries-old practice. Calls to end the practice are not new in South Korea, where butchering or eating dog meat is neither explicitly [...]

Consumers Cut Spending amid High Interest Rates and High Inflation

Consumers Cut Spending amid High Interest Rates and High Inflation

SEOUL, March 15 (Korea Bizwire) — Impacted by high interest rates, high inflation and a stagnant job market, South Korea’s consumption has been on a downward trend since the autumn of 2022. According to data from Statistics Korea, the nation’s seasonally adjusted retail sales index stood at 103.9 in January, down 5.03 percentage points compared [...]

MZ Generation Cuts Back on Selective Consumption amid Economic Slowdown: BOK

MZ Generation Cuts Back on Selective Consumption amid Economic Slowdown: BOK

SEOUL, Nov. 22 (Korea Bizwire) — The deepening economic slowdown is attributed to the shrinking consumption of the “MZ generation,” a Korean term referring to those aged between late 10s and 30s, on hobby and leisure activities following the 2008-09 global financial crisis, a central bank report said Monday. The Bank of Korea said in [...]

S. Korea’s Consumption of Flowers Grew Over 6 pct in 2021 amid Pandemic

S. Korea’s Consumption of Flowers Grew Over 6 pct in 2021 amid Pandemic

SEOUL, Sept. 10 (Korea Bizwire) — South Koreans’ consumption of flowers and ornamental plants rose 6.1 percent on-year last year on rising demand amid the prolonged COVID-19 pandemic and restrictions in outdoor activities, data showed Saturday. An average South Korean spent 12,386 won (US$8.90) on buying flowers and other plants in 2021, compared with 11,676 [...]

Processed Food Consumption Up 18.4 pct Throughout Pandemic

Processed Food Consumption Up 18.4 pct Throughout Pandemic

SEOUL, Aug. 30 (Korea Bizwire) — South Korea’s expenditure on processed food consumption grew approximately 18 percent during the course of the COVID-19 pandemic, a public institution survey analysis showed Tuesday. According to the state-run Rural Development Administration (RDA), the country’s estimated spending on processed foods totaled 47.1 trillion won last year, up 18.4 percent [...]

Consumption Polarization Still Rampant Despite High Inflation

Consumption Polarization Still Rampant Despite High Inflation

SEOUL, July 20 (Korea Bizwire) — Despite soaring consumer prices, exchange rates and interest rates, the polarization of consumption is becoming more severe than ever. Even Koreans in their 20s and 30s are choosing to stay at home rather than go on a holiday this summer. A 30-year-old office worker surnamed Jeong wanted to go [...]

Young Generation Most Actively Pursues ‘Value Consumption’: Survey

Young Generation Most Actively Pursues ‘Value Consumption’: Survey

SEOUL, July 6 (Korea Bizwire) — More than 8 in 10 South Korean consumers have the experience of ‘value consumption’ in which consumers choose products and services based on their values and faith, a survey showed Tuesday. Lotte Members, the membership service for Lotte Group companies, conducted a survey of 1,500 men and women in [...]