Inflation Hits Record High! Here's the Shocking Way South Koreans Are Fighting Back

SEOUL, Sept. 11 (Korea Bizwire) – As inflation continues to squeeze household budgets, a recent trend has taken the South Korean market by storm. In a bid to beat the rising costs of living, an increasing number of South Koreans are turning to secondhand marketplace applications in record numbers.

A study conducted by app and retail analysis service Wise App revealed that last month saw an all-time high in both installations and active users of major secondhand marketplace applications. This trend suggests that South Koreans are now more than ever opting for pre-owned goods over new ones in a bid to stretch their thinning wallets and stay afloat amidst soaring inflation.

Interestingly, the pandemic has been credited with fueling the rapid growth of secondhand marketplace apps in the country. As social distancing measures and lockdowns kept people indoors, they had ample time to browse through their homes and declutter their belongings. This led to a surge in users listing their unwanted items on secondhand marketplace platforms, resulting in a higher supply of goods.

However, it is the current economic climate that is further fueling the growth of this sector. With inflation hitting record highs, a lot of South Koreans are now taking the thrifty route, opting for affordable pre-owned items over costly new ones. As a result, not only is the demand for such goods increasing rapidly, but there is also a spike in the variety of items being listed on these platforms.

Used marketplace apps were initially popular among younger generations. Nevertheless, with the current economic conditions in South Korea, individuals from a wide range of age groups are now turning to these platforms. Additionally, with the advancements in app development, many of these platforms have become user-friendly, convenient, and even secure for users.

Apart from Wise App, various other market analyses and consumer behavior reports are pointing to an increase in the use of secondhand marketplace applications across South Korea. It remains to be seen how long this surge will continue, but for now, it's clear that South Koreans have found an affordable and resourceful way to battle rising costs.