Retail in Asia

In Trends

Thanksgiving deals shift S Korea shopping habits

South Korea does not celebrate Thanksgiving, but the hot deals at US online retailers during the holiday season are changing the shopping habits of South Koreans who are aggrieved at marked-up prices of locally made and imported goods at hometown stores.

The volume of goods ordered by Korean shoppers from websites overseas has surged in recent years and sales are forecast to set a record high this year above USD1 billion. It remains small compared with retail sales within South Korea, which are forecast at USD243 billion this year, but is expanding at a faster rate.

The trend known as "jikgoo" in local lingo has forced South Korean retailers to cut prices during the weekend between Black Friday and Cyber Monday to get those shoppers back. LG Electronics Inc. changed its customer service policy in April so that Koreans who buy LG televisions from outside Korea would not be discriminated against in customer service.