consumption Archives | Be Korea-savvy
MZ Generation Willing to Pay More for Products from Reputable Companies: Survey

MZ Generation Willing to Pay More for Products from Reputable Companies: Survey

SEOUL, April 4 (Korea Bizwire) — More than 60 percent of those in the “MZ generation,” a Korean term referring to those aged between late 10s and 30s, have a preference towards products from companies that focus on environmental, social and corporate governance (ESG) management even if they are more expensive, a survey showed Sunday. [...]

Luxury Consumption Diversifies Towards Shoes and Clothes

Luxury Consumption Diversifies Towards Shoes and Clothes

SEOUL, Feb. 23 (Korea Bizwire) — Luxury consumption, once centered on bags and watches, is diversifying towards other items, including shoes, accessories and clothes. Lotte Members, the membership service for retail giant Lotte Group, analyzed data from luxury item transactions. The analysis showed that the purchase of luxury shoes increased by 134.9 percent last year [...]

Single-person Households Less Satisfied with Consumption Spending than Other Types of Households

Single-person Households Less Satisfied with Consumption Spending than Other Types of Households

SEOUL, Jan. 31 (Korea Bizwire) — Four out of ten single-person households in South Korea turned out to be dissatisfied with their consumption spending, the country’s statistics office said. The monthly consumption spending of one-person households averaged 1.32 million won (US$1,090) in 2020, according to data from Statistics Korea. This figure is calculated by subtracting [...]

South Korean Luxury Consumption Spreads from Bags to Other Goods

South Korean Luxury Consumption Spreads from Bags to Other Goods

SEOUL, Dec. 14 (Korea Bizwire) — South Koreans are buying wider range of luxury goods from handbags to watches, jewelry, scarves and perfumes. Market researcher Euromonitor reported 4.6 percent growth in South Korea’s luxury market from last year, reaching an aggregate total of US$14.2 billion. Aside from sales of luxury cosmetics, which have struggled during [...]