SEOUL, Jan. 11 (Korea Bizwire) – South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday. The spending-to-income ratio of local households hit a record low despite stagnant wage levels. Department stores and duty-free shops, two routine shopping spots for [...]
SEOUL, Dec. 21 (Korea Bizwire) – The recent Global Premiumization Survey by marketing research firm Nielsen revealed that when it comes to products that Koreans are willing to pay more for to obtain premium versions of, “clothing and shoes” (30 percent) were the most popular. “Cosmetics” (28 percent), “personal electronics” such as smartphones and tablets [...]
SEOUL, Dec. 19 (Korea Bizwire) – South Korea’s consumer spending sank to a “seriously” low level in the third quarter of the year, government data showed Monday, as most households tightened their purse strings amid slowing economic growth. Slumping household consumption is widely feared to come as a further drag on Asia’s fourth-largest economy struggling [...]
SEOUL, Nov. 30 (Korea Bizwire) – A local credit card company, BC Card, is predicting that those in their 40s to 50s who share personal interests with Deokhu (mania) or the younger generation will stand out as big players in terms of consumption next year. On November 29, BC Card announced its report of predicted consumption [...]
SEJONG, Nov. 22 (Korea Bizwire) – Third-quarter household spending shows a persistent slump in consumption, including in basic foodstuffs, the state statistics office said Tuesday. Expenditures for foodstuffs and non-alcoholic beverages by households of two persons or more fell 3.2 percent in the July-September period compared to the same months last year, according to Statistics [...]
SEOUL, Nov. 9 (Korea Bizwire) – Amid stagnant growth of local household consumption, a recent study indicated that the elderly will play an essential role in leading Korea’s future consumption. According to the report – Consumption Status of the Elderly and its Implications – compiled by the Bank of Korea’s research bureau, the contribution rate [...]
SEOUL, Aug. 16 (Korea Bizwire) – The Korean diet has shifted rapidly over the past half century to become more westernized, with increased consumption of meat and a drop in rice consumption. According to a recent report by Nonghyup’s Livestock & Economy Research Institute, the average annual meat consumption per person for 2015 was 47.6kg, [...]
SEJONG, July 28 (Korea Bizwire) – South Korea set out new tax code revisions Thursday, seeking to boost corporate investments in new future industries and household income and spending to cope with faltering exports and flaccid domestic demand. The government finalized the plan at a meeting chaired by Finance Minister Yoo Il-ho in Seoul, and [...]
SEOUL, July 6 (Korea Bizwire) – South Korea’s kimchi consumption is falling, despite the country being the originator of the pickled side dish, and even those being served on dining tables are often imports from China, research results showed Wednesday. According to an industry analysis by the World Institute of Kimchi in Seoul, South Koreans on [...]
SEJONG, Oct. 15 (Korea Bizwire) – The first Korean ‘Black Friday’ shopping event, which was initiated by the government and promoted across the country over the past two weeks, ended on October 14. The event was a desperate attempt by the government to boost consumption, with domestic demand frozen and exports low. The promotion benchmarked [...]