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. [...]
SEOUL, Jul. 9 (Korea Bizwire) — Experts on North Korea say that an increasing number of citizens of the secluded state are buying bottled water for their personal consumption. One explanation for the increase in demand is attributed to the lack of clean water and proper water purification facilities. But another reason for the newfound [...]
SEOUL, Jul. 6 (Korea Bizwire) — A new study has found that inhabitants of Seoul spend an average of 1.43 million won every month, and of the 25 districts in the South Korean capital, residents of Seocho-gu had the highest spending habits. A breakdown of the population by workplace found that those who worked in [...]
SEOUL, Feb. 26 (Korea Bizwire) — The income of households led by people in their 40s fell sharply in the fourth quarter of last year, government data showed Saturday, as sluggish economic growth hurt the overall job market. According to Statistics Korea, the average earned income of such households stood at little over 3.4 million [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]