SEOUL, Mar. 26 (Korea Bizwire) — South Korea’s consumer sentiment snapped an improvement for the third consecutive month in March amid soaring prices of farm goods and a slump in private spending, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from 101.9 the previous month, according [...]
SEOUL, Mar. 21 (Korea Bizwire) – A recent survey has revealed that 4 out of 10 households in South Korea have family members, primarily children, who do not consume kimchi, the traditional dish of fermented vegetables. As households increasingly rely on store-bought kimchi, there is a growing demand for clearer labeling regarding levels of spiciness and [...]
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 [...]
SEOUL, Nov. 28 (Korea Bizwire) — South Korea’s consumer sentiment fell for the fourth straight month in November amid woes over an economic slowdown and high rates, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 97.2 in November, down from 98.1 the previous month, marking the lowest since April this [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]