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Imported Car Purchases by People in 20s, 30s Fall 18 Pct in 2023

Imported Car Purchases by People in 20s, 30s Fall 18 Pct in 2023

SEOUL, Feb. 29 (Korea Bizwire) — Imported car purchases among those in their 20s and 30s fell nearly 18 percent on-year in 2023 amid a slowdown of the economy and high interest rates, industry data showed Thursday. According to data from the Korea Automobile Importers & Distributors Association, the number of newly imported cars registered [...]

IKEA Korea Faces Continued Challenges as Sales Downturn Persists, Initiates Further Cost-Cutting Measures

IKEA Korea Faces Continued Challenges as Sales Downturn Persists, Initiates Further Cost-Cutting Measures

SEOUL, Dec. 15 (Korea Bizwire) – IKEA Korea, the South Korean branch of the world’s largest furniture brand, has faced a continued downturn in its performance, reversing the growth observed last year. After experiencing a sales decline for the first time since entering the Korean market, IKEA Korea also posted its first fiscal-year loss this year.  [...]

Resurgence of City Cars: A Surprising Shift in the Auto Industry

Resurgence of City Cars: A Surprising Shift in the Auto Industry

SEOUL, Sept. 6, (Korea Bizwire) – The resurgence of city cars, a segment that has long been overlooked, is now gaining momentum. In August, three city car models ranked among the top 10 in domestic passenger vehicle registrations. This surge in popularity can be attributed to several factors, including higher vehicle prices, rising fuel costs, [...]

EVs Surge as Imported Diesel Car Sales Decline in S. Korean Market

EVs Surge as Imported Diesel Car Sales Decline in S. Korean Market

SEOUL, Sept. 6 (Korea Bizwire) – In the realm of imported automobiles, there has been a noticeable shift in consumer preferences. Interest in diesel sedans and sport utility vehicles (SUVs) is waning, while electric vehicles (EVs) are gaining significant popularity. In particular, the market for imported electric passenger cars saw a significant milestone in August this [...]

Retail Sales Up 5.9 pct in July on Growing Outdoor Vacation Activities

Retail Sales Up 5.9 pct in July on Growing Outdoor Vacation Activities

SEOUL, Aug. 29 (Korea Bizwire) — Retail sales in South Korea rose 5.9 percent on-year in July as more people enjoyed outdoor activities for summer vacation amid eased antivirus curbs, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 14.73 trillion won (US$11.12 billion) last month, compared [...]

Concert Sales Surge as Industry Rebounds from COVID-19

Concert Sales Surge as Industry Rebounds from COVID-19

SEOUL, Aug. 10 (Korea Bizwire) — With the revival of the concert and live entertainment industry after the lifting of COVID-19 restrictions, credit card sales in the concert category have experienced significant growth. KB Kookmin Card conducted an analysis of credit and debit card transactions for online tickets, revealing that online sales of tickets for [...]

Heat Wave Breaks Parasols’ Reputation as Exclusively for Middle-aged Women

Heat Wave Breaks Parasols’ Reputation as Exclusively for Middle-aged Women

SEOUL, Aug. 4 (Korea Bizwire) — Parasols, once a symbol associated mainly with middle-aged women, are spreading across the country with the unprecedented heat wave. Parasol sales at boutiques in Hyundai Department Store between July 25 and 31 surged by 107 percent compared to last year. Lotte Department Store also experienced a 45 percent increase [...]