consumption Archives | Be Korea-savvy
South Koreans Biggest per Capita Consumers of Seafood

South Koreans Biggest per Capita Consumers of Seafood

SEOUL, Jul. 13 (Korea Bizwire) — South Korea’s yearly per capita consumption of seafood has reached nearly 60 kilograms, making the nation one of the world’s largest consumers of natural sea products, ahead of Norway and Japan. These numbers were reiterated by the Norwegian Seafood Council at a press conference held yesterday in central Seoul. [...]

Rate Hikes Can Cause Heavily Indebted Households to Cut Back on Spending: Report

Rate Hikes Can Cause Heavily Indebted Households to Cut Back on Spending: Report

SEOUL, Dec. 29 (Korea Bizwire) — A country with high household debt that raises key interest rates can be affected by a drop in total demand and consumption, a report said Friday. “We’ve found that key interest rate hikes have a great impact on the economic adjustment in a country which has a high degree [...]

Overseas Luxury Brands Booming with Young South Korean Consumers

Overseas Luxury Brands Booming with Young South Korean Consumers

SEOUL, May 17 (Korea Bizwire) – Demand is high for overseas luxury goods, particularly among younger consumers in their 20s and 30s, despite South Korea’s unrelenting economic slump.  According to Lotte Department Store, sales of overseas fashion items, largely comprising of high-end brands, jumped by more than 30 percent in 2016 compared to 2015 for [...]

Reducing Household Debt May Shrink Consumption

Reducing Household Debt May Shrink Consumption

SEOUL, April 3 (Korea Bizwire) – The Korea Institute of Finance suggested Sunday that drastically reducing household debt could shrink consumption, raising a dilemma for those crafting South Korean economic policy to combat the struggle to cope with soaring debt and waning domestic consumption.  According to researcher Park Choon-sung in his report on household debt [...]

“F— It Expense” and Small Luxuries Emerge as New Consumption Trends amid Economic Downturn

“F— It Expense” and Small Luxuries Emerge as New Consumption Trends amid Economic Downturn

SEOUL, March 31 (Korea Bizwire) — There’s a new coinage emerging amongst South Korean consumers that literally translates into “f— it expense.”  The origin of sibal (the four-letter word) biyong (expense or cost) goes back to November 28 of last year, when a local Twitter user (satuki_yami) defined the term as an expense that could [...]

Amid Economic Slump, “Cost-Effectiveness” Becomes Key Term for Consumption

Amid Economic Slump, “Cost-Effectiveness” Becomes Key Term for Consumption

SEOUL, Feb. 2 (Korea Bizwire) – Amid a prolonged economic downturn, practicality, or cost-effectiveness, has become the key element of consideration when purchasing a new product. In other words, more people are choosing budget-friendly products with the best performance.  Daiso, a discount store franchise similar to American dollar stores, is among the companies benefiting from [...]

S. Korea’s Economic Growth Decelerates in Q4: BOK

S. Korea’s Economic Growth Decelerates in Q4: BOK

SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s economy grew at a slower pace in the fourth quarter than three months earlier on decreased demand and construction investments, central bank data showed Wednesday.  In the October-December period, the country’s gross domestic product rose 0.4 percent from the previous quarter, decelerating from a 0.6 percent on-quarter [...]