SEJONG, Aug. 30 (Korea Bizwire) – The South Korean government aims for a 3.7 percent increase in its spending next year to push the annual budget above the 400 trillion won (US$358 billion) mark for the first time, with steep rises planned for youth job creation, expansion of custom-made welfare benefits and stabilization of public [...]
SEOUL, March 29 (Korea Bizwire) – South Korean credit and debit card spending jumped 8.8 percent last year from a year earlier as consumers increasingly favor using cards both for small-sized daily settlements and big tax payments, government data showed Tuesday. The card-based expenditure reached 667.1 trillion won (US$572 million) in 2015, up from 613.2 [...]
SEOUL, March 2 (Korea Bizwire) - Chinese tourists in South Korea spent more in the country following the introduction of an on-the-spot tax refund system, local data showed Tuesday. Since February, South Korean department stores offered instant tax refunds to foreign tourists who buy products at local duty-free shops, in line with its efforts to revitalize the tourism industry hurt by [...]
SEOUL, Feb.17 (Korea Bizwire) – Even as the economy is suffering, Koreans seem to be ready to open their wallets for their children. Due to the ‘eight-pocket’ phenomenon, which refers to eight people – parents (2), grandparents (4), uncle and aunt – spending money on one child, products and services related to children are showing [...]
SEOUL, Nov. 26 (Korea Bizwire) – South Korea’s No. 1 mobile carrier SK Telecom Co. has reduced its spending on advertisements through September this year, data showed Thursday, in line with its efforts to recoup losses from a government-led policy aimed at lowering cell phone users’ bills. The mobile carrier spent 132.2 billion won (US$116 [...]