Dongmyo Flea Market, one of Seoul’s most famous thrift-shopping destinations (Image courtesy of Yonhap)
SEOUL, March 3 (Korea Bizwire) — Once a haven for budget-conscious shoppers and vintage fashion enthusiasts, South Korea’s secondhand clothing markets are now feeling the strain of high inflation and shifting consumer habits.
Vendors at Dongmyo Flea Market, one of Seoul’s most famous thrift-shopping destinations, report a sharp drop in sales, with some saying business is worse than during the pandemic.
“Fewer customers are actually buying,” said one vendor, identified as B. “It feels like we had more business even during COVID-19.”
Another vendor, C, noted that while Dongmyo was once bustling with foreign tourists, their numbers have dwindled. “Even when people visit, many just browse without making a purchase.”
Despite its reputation as a “vintage paradise” attracting young shoppers looking for unique fashion at bargain prices, Dongmyo and other secondhand markets are struggling. The economic downturn has left consumers cautious, prioritizing necessities over discretionary spending.
While racks of colorful coats and branded sweatshirts from Adidas and Nike still sell for as little as 10,000 won ($6.80), far fewer shoppers are carrying shopping bags.
A recent government survey supports this trend. According to Statistics Korea, South Korean households spent an average of 2.9 million won ($1,975) per month in the fourth quarter of 2024, with essential expenses like housing, utilities, food, and healthcare seeing the largest increases.
By contrast, spending on clothing and footwear fell 0.3% year-over-year, accounting for just 5.9% of total household expenditures—the fourth-lowest among 12 major spending categories.
The downturn has left secondhand shop owners grappling with pricing dilemmas. Many source their inventory from the U.S. and Canada, but rising import costs have forced them to consider raising prices, a move they fear could further deter customers.
“We’re paying more for the same clothes, but if we raise prices, we’ll lose even more customers,” said vendor C.
The sluggish demand extends beyond flea markets. A vintage boutique in Seoul’s Yangcheon district reported a similar pattern. The store, which prices clothing by weight, sells at 25,000 won ($17) per kilogram, with discounts for bulk purchases.
Despite offering high-quality secondhand clothing, foot traffic has remained low. One shopper, 23-year-old Kim, said she prefers thrift stores due to rising prices but remains cautious about unnecessary purchases.
“I try to shop smart,” she said. “I’d rather buy vintage than splurge on expensive new clothes.”
Even in tourist hotspots like Myeongdong, large vintage clothing stores struggle to convert visitors into buyers. Many international tourists enter out of curiosity but leave without making purchases, instead taking photos or trying on items before walking away.
Experts say the decline in fashion spending is a natural response to economic uncertainty. Professor Lee Eun-hee of Inha University’s Consumer Studies Department explained that clothing is considered a discretionary expense, making it one of the first areas where consumers cut back during inflationary periods.
“Younger generations, who are the main consumers in the fashion market, are particularly affected by financial strain, so their spending on clothing has decreased even further,” Lee added.
With inflation showing no signs of easing, South Korea’s vintage markets may continue to face headwinds, forcing vendors to rethink pricing and sales strategies to attract cautious shoppers.
Lina Jang (linajang@koreabizwire.com)
