Kim Yoo-jin, a high school teacher, has been eagerly waiting for America’s Thanksgiving holiday, definitely not to eat turkey but to shop online on Black Friday, the day following America’s biggest national holiday. Most major American retailers offer big discounts to kick off the holiday shopping season on that day.
Kim has been expecting to buy some electronic devices as high-end gadgets are 50 percent cheaper than those in the local market on the big sales day.
Sam’s Club, a retail company owned by Wal-Mart, said it would sell the latest iPhone for $99 on Black Friday. Currently, the smartphone is sold for around $500 here, and it is still a lot cheaper even when considering the duty and delivery charges.
“I am getting addicted to buying products directly through global online marketplaces,’’ Kim said.
“I am also looking at purchasing Korean electronics goods via U.S. online shopping malls. Samsung Electronics plans to give discounts on 164 trendy products, including televisions, cameras and tablets, on its U.S. online stores on Black Friday.”
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| The websites of eBay and Amazon, both of which are leading global online marketplaces, lure Korean consumers with big discount rates during the Black Friday week. (Companies) |
Buying Korean goods directly through foreign websites appeals to Koreans as they can not only buy products for cheaper prices but can also get maintenance service.
Apart from consumer electronics, retail experts said American fashion brands, including Banana Republic and Tory Burch, which plan to offer Black Friday discounts of up to 90 percent, are expected to attract many local users.
Like Kim, a growing number of local consumers are buying goods through overseas online malls.
According to the Korea Customs Service, the total volume sharply increased to 1 trillion won ($900 million) last year, from 270 billion won in 2010. In the lead-up to Black Friday this month, industry watchers expect it will reach 2 trillion won this year.
The biggest reason for the spending trend is attractive discounts, experts said. More than 65 percent said they can buy the same goods for lower prices on overseas online shopping malls, according to the Korea Chamber of Commerce and Industry.
The development of Internet technology is another factor. “Local consumers are becoming smarter and have more capacity to search and access information with their digital devices. Buying goods overseas will not end up being a temporary trend and it may eat into the Korean retailers’ market down the road,” said Lee Young-ae, a professor at Incheon National University.
By Shin Ji-hye (shinjh@heraldcorp.com)
