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Secondhand Fashion Wins Hearts of Young Koreans

Secondhand Fashion Wins Hearts of Young Koreans

SEOUL, March 17 (Korea Bizwire) — More people from the MZ generation, a Korean term referring to millennials and Generation Z, are buying branded fashion items from secondhand app markets. Bungaejangter, the operator of its namesake secondhand transactions app, revealed that approximately 75 percent of customers that used the “brand follow” features between September 2021 [...]

Secondhand Market Emerges as Battlefield for S. Korean Retailers

Secondhand Market Emerges as Battlefield for S. Korean Retailers

SEOUL, Oct. 17 (Korea Bizwire) — South Korea’s retail giants are invigorating efforts to dominate the second-hand transaction market, and this focus is expected to accelerate further with Naver Corp. poised to make an entry. The internet portal giant is reviewing the idea that its recently acquired Poshmark Inc., a U.S. social commerce platform specializing [...]

More South Koreans Scrap Their Cars with Government Incentives for Trade-Ins

More South Koreans Scrap Their Cars with Government Incentives for Trade-Ins

SEOUL, April 24 (Korea Bizwire) – An increasing number of people have junked their cars this year, statistics showed Monday, apparently to take advantage of a government-backed trade-in program for old diesel-powered vehicles. A tally from the Ministry of Land, Infrastructure and Transport said 210,705 cars were scrapped in the January-March period this year, up [...]

Limited Editions Thrive in Secondhand Markets

Limited Editions Thrive in Secondhand Markets

SEOUL, March 2 (Korea Bizwire) – Re-selling limited edition products is good business for opportunists.  The latest hype in Korea has been over the Adidas Yeezy Boost 350 v2 “Zebra,” co-designed by American rapper and producer Kanye West. This extremely limited edition pair of shoes sold for a retail price of 289,000 won ($255.75), but [...]

Amid Economic Slump, “Cost-Effectiveness” Becomes Key Term for Consumption

Amid Economic Slump, “Cost-Effectiveness” Becomes Key Term for Consumption

SEOUL, Feb. 2 (Korea Bizwire) – Amid a prolonged economic downturn, practicality, or cost-effectiveness, has become the key element of consideration when purchasing a new product. In other words, more people are choosing budget-friendly products with the best performance.  Daiso, a discount store franchise similar to American dollar stores, is among the companies benefiting from [...]