Cigarettes, alcohol and leather coats: Koreans defy economic slowdown with luxury goods buying spree
07/05/2001
Along with cars, cigarettes and whisky, imports of leather and fur coats into Korea increased by a significant margin during the first quarter of 2001.
According to figures released by the Bank of Korea (BOK) last week, imports of foreign leather and fur coats picked up by 29.9% to reach $986 million. By comparison, imports of cigarettes climbed by 33.7% while car imports increased by a massive 70.2% - presumably the outcome of US government pressure for a more open market.
The figures were especially well received by the BOK, as the Korean economy has slowed in recent months. Rising consumer confidence among the country’s higher wage earners is said to be the main reason.
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