SEOUL, May 25 (Korea Bizwire) — South Korea’s consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia’s fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, [...]
SEOUL, May 17 (Korea Bizwire) — Due to the aftereffect of the COVID-19 pandemic, South Koreans are increasingly showing preference toward spending time alone not only at home but also in their cars, a major credit card company said Monday. According to Shinhan Card Co.’s analysis of its card users, the use of driving schools [...]
SEOUL, April 27 (Korea Bizwire) — Despite hopes for the return of a pre-pandemic lifestyle as social distancing measures are being lifted, the consumption patterns for streaming platforms and the internet are not expected to change significantly, a survey showed Tuesday. Advertising agency Nas Media Corp. conducted a survey of 2,000 PC and mobile internet [...]
SEOUL, April 27 (Korea Bizwire) — The rising ‘revenge spending’ trend spawning from demand for consumption during the pandemic has prompted a growing number of Koreans to spend more than 1 million won (US$789) on a single transaction this year. Major credit card issuer Samsung Card Co. reported that the number of transactions involving payments [...]
SEOUL, April 5 (Korea Bizwire) — Jet fuel consumption in South Korea tumbled to a 17-year low in 2021 in the wake of the coronavirus pandemic, data showed Tuesday. Jet fuel consumption in Asia’s fourth-largest economy came to 21.17 million barrels last year, down 2.6 percent from a year earlier, according to the data from [...]
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 [...]