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S. Korean consumers turn to refurbished items amid economic downturn

2019-06-11 7 Dailymotion

Amid the economic gloom,... local consumers are turning to the so-called refurbishment stores... with hopes of doing some cost-effective shopping.<br />Cho Sung-min reports.<br /><br />The sofa she's sitting on is a refurbished piece she was recently lucky enough to get her hands on.<br />Originally retailing for around two-thousand U.S. dollars, she got it for less than half that.<br /><br />"I went to my sister's place and compared her new sofa to mine, and there was literally no difference. Also, it's cheaper and was delivered quickly."<br /><br />Refurbished products have been disassembled, cleaned, fixed, packaged, and put back out on the shelves.<br />No performance flaws could be found in these goods, but because they are not "new," the prices are thirty to sixty percent lower than what they would have sold for originally.<br /><br />South Korean consumers are becoming more cost-conscious.<br />Industry experts note that unlike the past, consumers feel it's smarter to buy refurbished goods, and now it's become sort of a trend.<br />The rising number of warehouses and online stores that strictly specialize in refurbished items... is an indication that it's becoming a trend,... and the kinds of things for sale now vary from clothes to cosmetics, and even food.<br /><br />"As the trend changes, we're seeing more customers visiting our store and buying more than what they initially planned to because the prices are so low."<br /><br />With the popularity of refurbished goods on a rapid rise, experts believe the Korean market for refurbished goods has already grown to more than one trillion won, or nearly 850 million dollars,...and expect it to get even bigger.<br />Cho Sung-min, Arirang News.<br />

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