SEOUL, June 28 (Korea Bizwire) – Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday. The combined sales of 25 major offline and online retailers came to 15 trillion won (US$11.5 billion) last month, compared with 14.1 trillion [...]
SEOUL, June 26 (Korea Bizwire) — South Korean minicar market has once again slowed down this year after initially showing signs of a revival due to the popularity of Hyundai Motor Co.’s Casper mini SUV. Domestic sales of minicars totaled 50,562 units in the first five months of this year, representing an 8.2 percent year-on-year [...]
SEOUL, June 14 (Korea Bizwire) — A growing number of consumers are searching for swimsuits in anticipation of their first summer vacation after the pandemic. Local fashion retail platform W Concept saw its sales increased by 36 percent between May 12 and June 11 compared to the same period last year. Bikini sales experienced an [...]
SEOUL, June 13 (Korea Bizwire) — South Korean companies’ sales growth slowed and their profitability narrowed last year, central bank data showed Tuesday, as higher borrowing costs and increased prices of raw materials ate into their bottom line. Corporate sales increased 16.9 percent last year from a year earlier, slowing from 17.7 percent growth the [...]
SEOUL, June 5 (Korea Bizwire) — A majority of South Korean drivers prefer Hyundai Motor Co.’s Avante compact car when searching for a used vehicle priced at around 10 million won (US$7,640), data showed Sunday. KB Cha Cha Cha, a financial platform for secondhand cars, analyzed viewership data from May of last year to April [...]
SEOUL, June 5 (Korea Bizwire) — Sales of imported vehicles in South Korea fell 9.2 percent last month from a year earlier due mainly to lack of supplies in some brands, an industry association said Monday. The number of newly registered imported vehicles came to 21,339 units in May, down from 23,512 units a year [...]
SEOUL, June 5 (Korea Bizwire) — South Korean convenience store industry’s strategy to maximize offline sales by utilizing online platforms is gaining momentum. Convenience store chain CU placed a hangover relief jelly at its physical stores after the product gained popularity among young people when it was released on its mobile application Pocket CU in [...]
SEOUL, May 30 (Korea Bizwire) — The number of connected cars in South Korea has surpassed 7 million, which accounts for one out of every four cars on the road. A connected car refers to a vehicle that is equipped with wireless connectivity both inside and outside the vehicle. This enables new functionality such as [...]
SEOUL, May 24 (Korea Bizwire) — Sales of cold medicines in South Korea are increasing as more people contract influenza following the relaxation of social distancing measures implemented during the pandemic. “Pancold,” a cold medicine manufactured by Dongwha Pharmaceutical Co., recorded sales of 14.7 billion won (US$11.1 million) in the first quarter, marking a 32.4 [...]
SEOUL, May 22 (Korea Bizwire) — The exotic flavor and exclusivity of traditional Korean liquor have played a crucial role in attracting younger individuals, commonly referred to as Generation MZ. According to industry sources, the sales of traditional liquor at South Korean discount store Lotte Mart Co. experienced a 15 percent increase between January and [...]