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Foreign Consumers Become New Spending Class

January 13, 2009

A new class of foreign consumers is emerging in Korea. The foreign population in Korea has grown, and it has been spending more due to the weakness of the Korean won against the U.S. dollar.According to a 2008 survey conducted by the Ministry of Public Administration and Security, around 890,000 foreigners were residing in Korea beyond 90 days, the equivalent of 2 percent of Korea’s population. As a result, department stores and other outlets, as well as Internet shopping sites, are out to lure these foreign consumers.  Click Here for the Full Story

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