economic slump Archives | Be Korea-savvy
Refurbished Products Increasingly Popular

Refurbished Products Increasingly Popular

SEOUL, Dec. 31 (Korea Bizwire) — A shopping mall specializing in refurbished products has seen its sales soar after selling its goods at bargain basement prices. The company reportedly sold nutrition cream worth 50,000 won (US$44.92) for only 2,500 won (US$2.25) and facial masks worth 1,000 won for just 99 won. These shocking prices spread [...]

Retail Sales, Industrial Output Face Slump in Restructuring-hit Regions

Retail Sales, Industrial Output Face Slump in Restructuring-hit Regions

SEOUL, Nov. 15 (Korea Bizwire) — Retail sales and industrial output in restructuring-hit regions remained in a slump in the third quarter, government data showed Thursday. According to the data compiled by Statistics Korea, retail sales in South Gyeongsang Province, North Jeolla Province and Ulsan declined 2.3 percent, 1.2 percent and 1.2 percent, respectively, in [...]

S. Koreans More Negative on Migrant Workers: Poll

S. Koreans More Negative on Migrant Workers: Poll

SEOUL, Jan. 3 (Korea Bizwire) — South Koreans have become more unfavorable to migrant workers amid the prolonged economic slump, with many reluctant to accept such workers as members of the South Korean society, a poll showed Wednesday. According to the survey conducted by the Seoul-based Overseas Koreans Foundation from July 31-Aug. 25, 61.1 percent [...]

Single Households, Economic Slump Drive up Demand for Small Startups: Survey

Single Households, Economic Slump Drive up Demand for Small Startups: Survey

SEOUL, Feb. 28 (Korea Bizwire) – More than half of people seeking to run their own business in South Korea are considering opening a cafe or a bakery, a survey showed Tuesday.  In a survey of 4,625 people who have filed an online application to attend the upcoming International Franchise Seoul expo, 65 percent said [...]

Number of New Companies Falls in 2015 amid Protracted Economic Slump

Number of New Companies Falls in 2015 amid Protracted Economic Slump

SEJONG, Dec. 23 (Korea Bizwire) – The number of newly established companies in South Korea fell slightly last year amid a protracted economic slump, government data showed Friday.  Some 813,000 new businesses were created in 2015, down 30,000 from 843,000 tallied a year earlier, according to the data compiled by Statistics Korea.  They took up [...]

Economic Stagnation Widens Gap among Retailers

Economic Stagnation Widens Gap among Retailers

SEOUL, April 9 (Korea Bizwire) – The deepening economic stagnation has clearly shown the disparity between consumption patterns. As expenditures from the middle and lower classes decrease, retailers are targeting the upper class to attract more spending. Due to the prolonged economic slump, members of the middle and lower classes have been reluctant to open [...]