SEOUL, Nov. 7 (Korea Bizwire) – In a departure from the traditional pattern where economic downturns boost compact car sales, South Korea’s compact vehicle market is experiencing a significant decline, with annual sales expected to fall below 100,000 units for the first time since 2021. According to data from Kais You Data Research Institute, compact car [...]
SEOUL, Sept. 5 (Korea Bizwire) – Audi, once a dominant player in South Korea’s imported car market, is facing a series of challenges that threaten its position in the country. The German luxury automaker, previously part of the “Big Three” German premium brands alongside BMW and Mercedes-Benz, is grappling with plummeting sales and the closure of [...]
SEOUL, Aug. 19 (Korea Bizwire) – With South Korea’s major duty-free retailers struggling to overcome a prolonged sales slump, they are increasingly turning their attention to an often overlooked demographic: domestic customers. With the summer travel season in full swing, these shops are launching aggressive marketing campaigns, including lavish prize drawings, to capture the wallets of [...]
SEOUL, Jul. 24 (Korea Bizwire) — The K-pop industry’s overseas sales surpassed 1 trillion won (US$722.28 million) for the first time last year, according to a government report released Wednesday. The report by the Korea Culture & Tourism Institute, a state-run think tank under the culture ministry, showed that the industry’s combined revenue reached an [...]
SEOUL, Jul. 16 (Korea Bizwire) – South Korea’s online luxury goods market has experienced a sharp decline, with sales dropping by more than 30% in the first quarter of 2024 compared to the same period two years ago, according to recent data. This downturn is largely attributed to the impacts of high inflation and interest rates. [...]
SEOUL, Jul. 12 (Korea Bizwire) – A recent global survey has revealed that generative AI tools, such as ChatGPT, have seen the most significant improvement in performance satisfaction within the sales sector this year. Meanwhile, the legal field experienced the steepest decline in AI satisfaction. According to a quarterly AI survey conducted by Bain & Company, [...]
SEOUL, Jun. 25 (Korea Bizwire) — Retail sales in South Korea rose by 8.8 percent on-year in May, driven by promotional events launched by online shopping platforms, data showed Tuesday. The combined sales of 25 major offline and online retailers amounted to 16.3 trillion won (US$11.7 billion) last month, compared with 14.9 trillion won a [...]
SEOUL, May 28 (Korea Bizwire) — Retail sales in South Korea grew 10.8 percent on-year in April on the back of stronger demand from the online segment, data showed Tuesday. The combined sales of 25 major offline and online retailers came to 15.4 trillion won (US$11.2 billion) for last month, compared with 13.9 trillion won [...]
SEOUL, Apr. 29 (Korea Bizwire) — Retail sales in South Korea rose 10.9 percent on-year in March on the back of stronger demand for travel and entertainment services from online platforms, data showed Monday. The combined sales of 25 major offline and online retailers came to 15.8 trillion won (US$11.45 billion), compared with 14.2 trillion [...]
SEOUL, Apr. 22 (Korea Bizwire) — South Korea’s internet industry saw its revenue surpass 600 trillion won (US$435.5 billion) for the first time in 2022, data showed Monday. The total sales of the local internet industry reached 622.1 trillion won in 2022, up 16.6 percent from 533.7 billion won a year ago, according to data [...]