SEOUL, Nov. 25 (Korea Bizwire) – Following the devastating Mercedes-Benz EQE fire in an Incheon apartment complex parking garage last August, which damaged approximately 800 vehicles, concerns about rising auto insurance premiums have become reality, even as traffic accidents and fatalities decline. According to the Korea Automobile Citizens’ Association, traffic fatalities have dropped by half, from [...]
SEOUL, Apr. 8 (Korea Bizwire) — With an increasing number of ‘homebodies’, those who enjoy spending most of their time at home, it has become clear that large and multifunctional household appliances are gaining significant popularity. Emart Inc., South Korea’s leading discount chain operator, announced on Sunday that the share of 65-inch TV sales exceeded [...]
SEOUL, May 4 (Korea Bizwire) – Strong sales of premium products allowed LG Electronics to beat out its main rival Samsung Electronics in the first-quarter TV market earnings race, data showed Wednesday. According to LG, its Home Entertainment (HE) division, which focuses on TVs, posted a record-high operating profit of 382.2 billion won (US$338 million) [...]
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, Nov. 25 (Korea Bizwire) – South Korea on Friday launched a new premium express bus service with nearly flat seats that will provide long distance travelers with first-class comfort and experience. The new premium bus has 21 passenger seats, instead of 28 in previous premium models, allowing each seat to recline up to 160 [...]
SEOUL, Nov. 22 (Korea Bizwire) – Sales of premium electronic products and foreign luxury brands outperformed the overall consumption trend in South Korea as more affluent consumers preferred differentiated products, industry officials said Tuesday. Household spending was sluggish in Asia’s fourth-largest economy, but demand for premium products and luxury goods remained strong this year. To [...]
SEOUL, May 31 (Korea Bizwire) – Korea’s Fair Trade Commission (FTC) revealed Monday that it plans to repeal a policy that limits the value and the amount of marketing premiums. For the past 35 years, marketing premiums were limited to 20 million won in value, and the combined value of all giveaways was not allowed to [...]
SEOUL, Nov. 1 (Korea Bizwire) -- South Korean insurers are moving to raise premiums for local car owners starting this month, as they cope with rising payment obligations, market watchers said Sunday. According to insurance sector sources, the move comes as the loss ratio for coverage contracts has risen to unsustainable levels recently, forcing many [...]