Second-hand retailers and small tailoring companies specializing in clothing alterations are some examples of successful businesses in a climate of economic slowdown and declining consumer confidence in Korea. It is a steadily increasing trend for a country struggling against inflation and rising costs related to mortgages and personal loans.
During times of recession, therefore, Koreans have therefore given themselves over to buying used objects, especially consumer electronics products, furniture and toys.
Also the business linked to recycling is going very well, with increasing turnover for companies that carry out the 'restyling' of clothes and shoes. Finally, companies that lease products, with the option to purchase later, have seen their turnover soar. Among the most successful objects are water purifiers, bidets, laptops and PCs.
The business is so popular that more and more Koreans are also turning to these companies to rent cribs, strollers, designer bags and fur coats.
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