March 26, 2012 07:18
Second-hand goods sellers and tailors that specialize in altering clothing are just some examples of Korean businesses that are flourishing despite the economic downturn and shrinking consumer confidence.
During recessionary times, more people prefer to buy used items to save money, which is one of the reasons for the recent success experienced by companies selling used toys, electronics and furniture.
The recycling business is also going strong in this time of economic hardship, while customized alteration services for shoes and clothing help people cut back on their spending and give them a chance to be more creative and sartorially unique.
Companies that rent products out cheaply are also cashing in on the downturn, with water purifiers, bidets, laptops and PCs proving especially popular. People pay monthly fees for the products with the option of owning them later if they rent for a long enough period.
Even baby cribs, prams, luxury bags and fur coats have become available for rent.
This new trend is spreading quickly as people try to make wise consumption choices amid rising inflation and growing household loans.
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