Rich Young Korean love to play golf and buy luxury cars



Unable to travel due to the lengthy Covid-19, rich young Korean generations choose to spend money on luxury goods, luxury cars and luxurious pleasures to fill empty time.

Rich Young Korean love to play golf and buy luxury cars

Rich young Koreans spend money on luxury goods and luxury cars 

In March-May 2020, when Korea started implementing social distancing, KB Kookmin Bank recorded a 10% increase in golf course sales compared to the same period last year.

It is a worthy mentioning that the main beneficiaries of this hobby are rich young Koreans in their 20s and 30s, according to Korea Joongang Daily.

 Sales from golf-related products also increased significantly.  Specifically, the number of golf club orders from rich young Korean customers on the Gmarket e-commerce platform increased 47% in the first half of 2020.

In addition, sales of golf accessories and clothing increased by 29% and 22% respectively compared to 2019.

Besides playing golf, rich young Koreans are paying much attention to the field of branded products and imported cars.

 Figures from the Korea Automobile Importers and Distributors Association show that a total of 243,440 imported cars were sold in the country in January-November 2020, up 13.4% from the previous year.

Of the 154,501 individual transactions, about 38% are owned by customers aged 20-30.

 Unable to travel to the world due to the prolonged Covid-19, rich young Koreans turn to spending time and money on buying designer brand products. They make up 45% of the premium customer base at Lotte Department Store in 2020.

 Many experts believe that the trend of luxury spending among young Koreans represents a growing gap between rich and poor in this country.

According to a report published by the Korea Employment Information Service, the Gini coefficient shows the income gap between the group of under 29 years old tends to increase sharply.

 In the first half of 2020, the index among young Koreans originated at 0.214, an increase of 0.017 over the same period last year.  In contrast, this number increased by only 0.011 for the 30-54 year old group and 0.014 for those over 55.

 Koo Jeong-woo, Professor of Sociology at Sungkyunkwan University, said that the gap between the rich and the poor in young Koreans arises due to the difference in educational attainment and income.

Rich Young Korean love to play golf and buy luxury cars

Your comment
*
*
*
*
 Captcha

Japan uses AI technology to fight food waste

Japanese companies are increasingly using artificial intelligence (AI) and many other advanced technologies to reduce waste and cut costs during a pandemic, at the same time looking for sustainable development in this process.

Japanese companies are increasingly using artificial intelligence (AI) and many other advanced technologies to reduce waste and cut costs during a pandemic, at the same time looking for sustainable development in this process.

Read more

UK: Using biofuel to reduce emissions

The British government plans to put into use the new biofuel E10 from next September, which can reduce up to 750,000 tons of CO2 emitted per year, equivalent to reducing 350,000 vehicles on the road.

The British government plans to put into use the new biofuel E10 from next September, which can reduce up to 750,000 tons of CO2 emitted per year, equivalent to reducing 350,000 vehicles on the road.

Read more

A series of digital technologies help Singapore revive its tourism industry

The Singaporean government as well as the Singapore Tourism Board (STB) have applied various forms of technology and digital to partly help the tourism industry adapt to the COVID-19 epidemic, and offer future solutions for the travel industry (MICE).

The Singaporean government as well as the Singapore Tourism Board (STB) have applied various forms of technology and digital to partly help the tourism industry adapt to the COVID-19 epidemic, and offer future solutions for the travel industry (MICE).

Read more

The rich are investing hundreds of millions of dollars for environmental protection

When the billion-dollar empires demonstrate their power in a lofty mission, to build a circular economy, eliminating negative environmental impact.

When the billion-dollar empires demonstrate their power in a lofty mission, to build a circular economy, eliminating negative environmental impact.

Read more

The US: Retail sales rebounded strongly

Retail sales in the US in January 2021 exceeded expectations, up 5.3% and it is expected to see many signs of improvement from now to the end of the year.

Retail sales in the US in January 2021 exceeded expectations, up 5.3% and it is expected to see many signs of improvement from now to the end of the year.

Read more

The UK: Unemployment rate hit highest in over 4 years

Unemployment in the UK is currently at a high level when the blockade requirements to prevent the COVID-19 epidemic seriously affect the job market in this country.

Unemployment in the UK is currently at a high level when the blockade requirements to prevent the COVID-19 epidemic seriously affect the job market in this country.

Read more

Japan faces a demographic disaster because young people are not married

The Covid-19 pandemic has caused the number of married couples in Japan to be less and less, as a result, the birth rate decreases while the population is rapidly aging.

The Covid-19 pandemic has caused the number of married couples in Japan to be less and less, as a result, the birth rate decreases while the population is rapidly aging.

Read more

South Korea faces its worst unemployment crisis since 1997

The unemployment rate in South Korea soared to 5.7%.  In particular, the group of young people from 15 to 29 was most affected.

The unemployment rate in South Korea soared to 5.7%.  In particular, the group of young people from 15 to 29 was most affected.

Read more

Singapore promotes new innovative projects

Investment in innovation is a policy implemented by the Singapore Government for many years.  Until now, despite difficulties due to the epidemic, this policy has been maintained and adjusted appropriately to support businesses to maintain global competitiveness.

Investment in innovation is a policy implemented by the Singapore Government for many years.  Until now, despite difficulties due to the epidemic, this policy has been maintained and adjusted appropriately to support businesses to maintain global competitiveness.

Read more

Social Footer

               

Copyright © Vuhes. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Vuhes.