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 [...]
SEOUL, Oct. 26 (Korea Bizwire) — South Korea said Tuesday it plans to resume discount coupon programs aimed at boosting domestic demand as the country is preparing to move into a phase of “living with COVID-19″ in early November. Since November last year, the country has suspended the coupon programs in six sectors, including sports, [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of “living with COVID-19″ in early November, a senior government official said Friday. Except for food delivery via apps, the country suspended the coupon programs for [...]
SEOUL, April 26 (Korea Bizwire) — Consumption expenditures in South Korea’s tourism and leisure sector decreased by more than 20 percent last year due to the coronavirus pandemic, a state-funded think tank said Monday. In particular, foreigners’ spending in the domestic tourism and leisure sector plunged by nearly 80 percent and the travel industry was [...]
SEOUL, Jan. 28 (Korea Bizwire) — South Koreans’ consumption of rice hit a record low in 2020, data showed Thursday, due mainly to changes in diet and eating habits. The average South Korean consumed 57.7 kilograms of rice in 2020, down 2.5 percent or 1.5 kilograms from the previous year, the Ministry of Agriculture, Food [...]
SEOUL, Dec. 11 (Korea Bizwire) — Almost half of South Koreans either lost their jobs or saw their income fall due to the new coronavirus outbreak, a report showed Friday, in a sign that the job market remains sluggish amid the pandemic. The report by Statistics Korea showed that 49.7 percent of respondents said the [...]
SEOUL, Nov. 10 (Korea Bizwire) — The ongoing nationwide shopping festival, aimed at boosting domestic consumption hit by the new coronavirus pandemic, has already seen notable results in terms of card spending and retail sales, the commerce ministry said Tuesday. The annual Korea Sale FESTA kicked off for a 15-day run on Nov. 1, with [...]
SEOUL, Oct. 18 (Korea Bizwire) — The government will begin distribution of a series of discount coupons this week to spur consumption in the live performance, film and sports industries hit-hard by the coronavirus pandemic, officials said Sunday. From Thursday, the government will gradually provide discount coupons, starting with 40 percent discounts for entrance to [...]
SEOUL, Sept. 20 (Korea Bizwire) — South Koreans on average consumed alcoholic beverages 8.5 days per month in 2019, a poll showed Sunday, with a growing number of people drinking at home this year due to the virus pandemic. It marked a slight drop from 8.8 days posted in 2017 and 2018, according to the [...]
SEOUL, Sept. 11 (Korea Bizwire) — South Korea’s jet fuel consumption tumbled nearly 40 percent in the first half of the year as the coronavirus pandemic caused air travel demand to hit the skids, data showed Friday. Consumption of jet fuel in Asia’s fourth-largest economy came to 11.6 million barrels in the January-June period, down [...]