The sluggish global economy affected almost every country in the world, and Korea was
no exception.
Koreans showed two different extreme consumption behaviors and favored certain electronic appliances.
Connie Kim has more on what Koreans went out and bought in 2013.
Korean society has entered a slow growth stage,... and in 2013, that was accentuated in two already
existing consumption patterns that came to the fore.
"As a response to the slow economic growth, consumers are purchasing low cost everyday
products, while at the same time spending more on goods that reflect their tastes and
interests."
The Korea Trend Research Institute included budget phones and less expensive convenience
store brand products on its list of 2013 hit items.
Budget phones targeted the niche market of customers who only wanted the basic functions
of a cell phone,... while the convenience store brands targeted consumers looking for
bargains.
"I usually purchase convenience store brand snacks and coffee.
I buy these products because they offer a wide variety, lower prices and are high quality."
However, on the other hand, individuals showed a different purchasing trend when it came
to small luxuries, including desserts, liquor and premium perfumes.
"The luxury trend has become widespread, and consumer purchases of small luxuries have
become even more popular because of the relatively low cost."
Consumers also preferred to buy multi-function electronic appliances, such as refrigerators
that preserve kimchi, make carbonated water and purify water...
and air washers that are combination humidifiers and air purifiers.
These new categories of appliances were popular as they reduce energy consumption and free
up extra space.
"Analysts say the consumption trend for 2014 will resemble a barbell, where consumers select
products thst offer traditional conveniences and at the same new experiences.
Connie Kim, Arirang News."