Same price, less content: 33 products accused of 'shrinkflation'

A state-run agency said Thursday it has found 33 products that have downsized but maintained the same price in an inspection of so-called "shrinkflation" in the country. The Korea Consumer Agency, under the Korea Fair Trade Commission, inspected the products currently being circulated in the market to check the state of shrinkflation, which refers to a manufacturer downsizing a product while retaining the price as an alternative to raising the price. The agency used its price informa

June 13, 2024

Korea's value-focused coffee chains' enjoy high profits, contrary to low profits of licensed store owners

Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C

June 7, 2024

Shinsegae, CJ forge all-round partnership to beat retail rivals

South Korea’s retail giants Shinsegae Group and CJ Group have agreed to cooperate on logistics and retail businesses to compete with domestic and overseas rivals. The two retail giants signed a memorandum of understanding Wednesday for their partnership centering on the Shinsegae Group e-commerce platform’s utilization of CJ Group’s nationwide logistics network. According to their announcement, CJ Logistics will be in charge of deliveries of goods sold on Shinsegae Group’

June 6, 2024

'Just heading to the convenience store to grab some... gold'

Convenience stores in South Korea these days are in a league of their own. Along with everyday essentials and quick bites, they also sell fried chicken, fresh fruit, liquor and some expensive items like smartwatches, tires and even cars. Now, they are selling the sought-after safe-haven asset for investors: gold. Retail industry insiders attribute convenience stores’ rise as a place to buy gold to their accessibility and trustworthiness the nationwide retail franchises have established as

June 4, 2024

Yoon's office apologizes for flip-flop on overseas direct purchases ban

The presidential office apologized Monday for causing confusion among consumers by reversing its plan to ban direct overseas purchases of products that do not have a national certification mark. Sung Tae-yoon, director of national policy at the presidential office, made the remark after the government backtracked on its proposed ban on direct overseas purchases of 80 types of goods that have not received the Korea Certification (KC) safety mark. The policy confusion comes amid criticism that the

May 20, 2024

Seoul sees further jump in cost of dining out

The price of five out of eight major dishes at local eateries in Seoul increased again in April, as the cost of eating out continues to rise in the nation's capital. The Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission, compiles the monthly average prices for eight major dining options in South Korea, in a bid to provide the public with an understanding of the changing costs of dining out. Of the eight, the prices of gimbap, jajangmyeon, kalguksu, naengmyeon and kimchi

May 17, 2024

Starbucks Korea to speed up hiring process

Starbucks Korea announced Thursday that the company has introduced a faster hiring process that will halve the time to recruit baristas and workers at its branches. “The existing hiring process takes around 50 days to recruit new employees, but the new hiring process will take roughly three weeks,” an official from Starbucks Korea said. According to Starbucks Korea, the new hiring process will be tested at 50 of its branches across the country. The company could extend the adoption o

May 16, 2024

TikTok girl surprised with Buldak Carbonara Ramen event

South Korean food giant Samyang Roundsquare, formerly Samyang Foods Group, surprised a young Texas girl who went viral on TikTok after receiving a multi-pack of Buldak Carbonara Ramen as a birthday gift. Adalynn Sofia's emotional reaction to receiving the spicy noodles garnered nearly 100 million views and 10 million likes on the platform since it was posted in early April. As a gesture of appreciation, Samyang Roundsquare organized a surprise event for the girl at her home. A bright pink v

May 14, 2024

Processed food satisfaction rate keeps falling: report

South Korean consumers’ satisfaction with processed food dropped in 2023 compared to the year before, a report showed Monday, marking a decline in the price category for the third-straight year. The Korea Rural Economic Institute conducted a survey of 2,000 households across the country between August and October last year, asking them to rate their satisfaction with processed foods on a scale of 1 to 5. The respondents gave a 3.6, after marking 3.9 for three consecutive years from 2020 to

May 13, 2024

Dried seaweed prices skyrocket to highest-ever level

The wholesale price of gim, or dried seaweed, in South Korea in April nearly doubled from last year, rising to its highest-ever level. A 100-sheet package of gim was traded at an average of 10,089 won ($7.4) in April, soaring by 80.1 percent compared to the same month in 2023, according to the state-run Korea Maritime Institute. It was the first time that the wholesale price of gim surpassed the 10,000-won mark, and the institute projects that the price will keep climbing to 10,875 won by Octobe

May 7, 2024

Combined operating profit of 7 TV home shopping channels plunges 39.6 pct last year

Seven channels selling goods on television in South Korea saw their combined operating profit plunge 39.6 percent on-year in 2023, according to industry data Sunday, hurt by intense competition with social media and livestreaming platforms. The combined operating profit of the seven TV home shopping channels stood at 327 billion won (US$241 million) last year, compared with a combined profit of 541.1 billion won in 2022, according to the data released by the Korea TV Homeshopping Association. It

May 5, 2024

Cost of eating up, particularly in Seoul: data

The prices of dishes at local eateries have been on the rise in South Korea, following the rising prices of agricultural, fishery and livestock products reported last week. According to the Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission, the average prices for eight major dining options have all gone up in Seoul in March, compared to March of last year. In a bid to provide a general understanding of the dining costs in South Korea, the agency discloses the monthly average

April 28, 2024

Orion's Turtle Chips sales soar in US

The popularity of the Orion brand's Turtle Chips continued to grow in the US last year, boosting its annual sales to around 12 billion won ($8.8 million). Orion, a South Korean confectionery and snack manufacturer, is supplying the chips at the snack bars of major firms such as Google and Netflix, the company said Wednesday. According to Orion, the annual sales of Turtle Chips in the US reached 12 billion, around 200 times higher than the figure in 2017 when the company first launched the s

April 24, 2024

Beer imports from Japan more than double in Q1

South Korea's imports of Japanese beer products more than doubled on-year in the first quarter this year, despite a 20 percent drop in the country's overall beer imports during the same period, government data showed Wednesday. According to the Korea Customs Service, the combined value of Korea's beer imports in the January-March period decreased by 19.8 percent on-year to reach $45.2 million. In terms of volume, the country' beer imports went down by 24.1 percent to 48,322 t

April 17, 2024

Chanel, Louis Vuitton see muted growth in Korea

Luxury fashion houses reported a slowdown in sales growth in Korea after years of upbeat sales that peaked during the COVID-19 pandemic, according to recent earnings reports. “Consumption of expensive luxury products soared over the past few years, particularly after the COVID-19 pandemic. But, luxury purchases started to slow down last year as consumer confidence remained low amid economic woes,” an industry source said on the condition of anonymity. The two largest luxury brands in

April 16, 2024

Greyd’s video platform helps Korean sellers go global

Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers. Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new ty

April 15, 2024

Amid deepening apple crisis, S. Korea eyes long-term measures

This year’s spikes in apple prices have prompted South Korean officials to explore long-term strategies to stabilize fruit harvests. While the latest price trends are influenced by various factors, including short-term weather events, officials are concerned about a troubling underlying trend: Declining harvests due to shrinking cultivation areas in the country attributed to climate change, a decreasing and aging farming population, among other reasons. Data released Thursday by the Korea

April 11, 2024

7 in 10 Korean retailers feel threat from Chinese e-commerce rush

Seven out of 10 retailers in Korea say they feel threatened by the rapid expansion of Chinese e-commerce platforms, especially the big three -- AliExpress, Temu and Shein -- an industry-wide survey found Monday. Of the 500 retailers surveyed by the Korean Chamber of Commerce and Industry, the nation’s largest business lobby, 69.4 percent said their businesses are under threat by the Chinese rush, while 74.4 percent expected heightened competition in the market. Almost 60 percent of online

April 8, 2024

Food delivery platforms compete with free delivery

The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic

April 5, 2024

S. Korea's beauty exports hit all-time high of $2.3b in Q1

South Korea’s exports of cosmetics jumped around 22 percent on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday. According to the Korea Customs Service, the country’s exports of cosmetic products came to $2.3 billion in the January-March period, up 21.7 percent on-year from the same three-month period last year. The export figure is the highest ever for the first quarter. South

April 3, 2024