Consumers seek quality goods at lower prices; refurbished markets on the rise
- 5 years ago
Now, it's time for our "Life & Info" segment, where we take a look at useful information for your daily life.
Today, we're going to talk about a way to find high quality goods at lower prices.
For more, we have our Yoon Jung-min in the studio.
Jung-min, I've heard that people in South Korea can buy 'almost' new products at much lower prices than brand new ones?
You're right, Mark. There are stocks of new products that are returned due to some reasons, such as minor defects,... and sellers repair and resell them to customers at much lower prices.
So, it means you can buy a 5-thousand dollar sofa at 25-hundred dollars if you're buying a refurbished one.
We call it the refurbished market.
Refurbished goods can be sold with up to 70 percent off the original price.
The goods can range from electronics to furniture and clothing.
More and more people want quality goods at a more reasonable price.
Those include homemakers, single-households and young people, including newly married couples.
"I'm looking for a fridge to store Kimchi because mine is broken. I'm comparing the prices with products at other shops. I prefer ones that are easy to use and that are cheaper."
The refurbished market is a problem-solver for both sellers and buyers,... because the sellers can get rid of their returned stock,... while the buyers can get almost-new products at much cheaper prices.
Industry experts say the market has grown to nearly 8-point-4 billion U.S. dollars this year.
Alright, that sounds reasonable. But why are the products are returned? Is there anything customers should keep in mind when buying refurbished goods?
There can be many reasons. Like I said, the products can have minor defects or scratches.
Some products are returned just because customers changed their mind after purchase.
That's not all. The shop also gives discounts for products that have been on display at a store.
But of course, there are things that consumers have to check before they buy products.
"We recommend customers to check any defects, such as scratches, before buying goods. Most importantly, it would be wise for them to test the home appliances at the shop and check they operate well."
Consumer groups often recommend people to check before buying anything, of course, but they say it's especially important to make sure the goods don't have any problems if they're buying goods that have been refurbished.
Definitely. There are also super cheap products that we can easily find at retail shops or large supermarkets.
Yes, you're right. While some shops are going premium, others are targeting people who want less expensive products.
A local convenience store brand released own-brand groceries this month.
Ramyeon noodles cost just 500 Korean Won. That's about 40 cents.
A cup of coffee costs 900 won, or 70 cents.
Also, you can buy a loaf of bread at 15-hundred won or 1 dollar-and-30 cents.
'One-dollar shops' are also popping up across the country.
Not just that,... wholesalers and retailers sto
Today, we're going to talk about a way to find high quality goods at lower prices.
For more, we have our Yoon Jung-min in the studio.
Jung-min, I've heard that people in South Korea can buy 'almost' new products at much lower prices than brand new ones?
You're right, Mark. There are stocks of new products that are returned due to some reasons, such as minor defects,... and sellers repair and resell them to customers at much lower prices.
So, it means you can buy a 5-thousand dollar sofa at 25-hundred dollars if you're buying a refurbished one.
We call it the refurbished market.
Refurbished goods can be sold with up to 70 percent off the original price.
The goods can range from electronics to furniture and clothing.
More and more people want quality goods at a more reasonable price.
Those include homemakers, single-households and young people, including newly married couples.
"I'm looking for a fridge to store Kimchi because mine is broken. I'm comparing the prices with products at other shops. I prefer ones that are easy to use and that are cheaper."
The refurbished market is a problem-solver for both sellers and buyers,... because the sellers can get rid of their returned stock,... while the buyers can get almost-new products at much cheaper prices.
Industry experts say the market has grown to nearly 8-point-4 billion U.S. dollars this year.
Alright, that sounds reasonable. But why are the products are returned? Is there anything customers should keep in mind when buying refurbished goods?
There can be many reasons. Like I said, the products can have minor defects or scratches.
Some products are returned just because customers changed their mind after purchase.
That's not all. The shop also gives discounts for products that have been on display at a store.
But of course, there are things that consumers have to check before they buy products.
"We recommend customers to check any defects, such as scratches, before buying goods. Most importantly, it would be wise for them to test the home appliances at the shop and check they operate well."
Consumer groups often recommend people to check before buying anything, of course, but they say it's especially important to make sure the goods don't have any problems if they're buying goods that have been refurbished.
Definitely. There are also super cheap products that we can easily find at retail shops or large supermarkets.
Yes, you're right. While some shops are going premium, others are targeting people who want less expensive products.
A local convenience store brand released own-brand groceries this month.
Ramyeon noodles cost just 500 Korean Won. That's about 40 cents.
A cup of coffee costs 900 won, or 70 cents.
Also, you can buy a loaf of bread at 15-hundred won or 1 dollar-and-30 cents.
'One-dollar shops' are also popping up across the country.
Not just that,... wholesalers and retailers sto