SEOUL, Sept. 11 (Korea Bizwire) – As inflation continues to squeeze household budgets, South Koreans are turning to secondhand marketplace applications in record numbers, according to a recent study. App and retail analysis service Wise App reported on September 10 that last month saw an all-time high in both installations and active users of major secondhand [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, May 14 (Korea Bizwire) – Just like the rest of the world, Korea is suffering from a prolonged economic downturn. Like societies elsewhere, Koreans and their businesses are adapting and adjusting to what is starting to be accepted as a new economic reality. To begin with, there has been a clear shift in [...]