By Jane Han
Staff Reporter
Until recently, it was easy to find picky shoppers being particular over every detail of a product's class and quality, not minding the number on the price tag. But the tough economy is bringing people back to the ways of old times, when quantity beat quality.
``Mothers, who are traditionally a major consumer force in Korea, have lately become more frugal,'' said Lim Eun-kyung, team leader of a consumer group at the Seoul YMCA. ``Even 500 won makes a difference for them now.''
She explained they have often been extravagant in spending because they have a competitive nature, ``wanting the best for their family.''
``This mindset usually meant charging their credit cards even if they didn't have immediate cash,'' said Lim. ``But the rate of common practice is declining because of growing economic uncertainties.''
Some of the major local discount stores' data shows that goods in large amounts, refillable items and products on sale have sold significantly more over the past three months.
``Our own label goods are selling 20 to 40 percent better than a few months ago,'' said Lim Hae-sook, a sales manager at E-Mart, one of the largest domestic hypermarkets.
She said consumers either seem to buy only their daily needs frequently or purchase in bulk to cut back shopping time.
``Regardless of the shopping pattern, customers definitely seem to be asking more questions than before,'' said Lim. ``They want to make sure they get what they're paying for.''
A store manager for a premium jeans brand at the Lotte Department Store said sales among mid-range brands are quickly dropping, while those of the bottom and top names stay steady.
``That's because rich people continue to enjoy their extravagant lifestyles, but it's the upper-middle spenders who've been trying to save lately,'' she said.
Consumer behavior experts say that the recent changes can be seen as positive in general.
``Too many Koreans shopped for quality and top class when they didn't have the money for it,'' said Kim Bo-kyung, a trend forum chairman of the Samsung Economic Research Institute. ``This is a chance to burst the spending bubble.''
Bank of Korea data in March showed that local household debt surged to a record high of 631 trillion won in 2007, which some attributed to widespread ``thoughtless spending'' and the overuse of credit cards.