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. [...]
SEOUL, March 7 (Korea Bizwire) — Last year, each Korean adult consumed liquor on an average of 8.5 days per month, with beer the beverage of choice, data showed Sunday. The Korea Agro-Fisheries & Food Trade Corp. conducted a survey of 2,000 men and women between the ages of 19 and 59, which showed that [...]
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 [...]
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 [...]
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 [...]