04 Nov '12, 4am

Marketers cash in on services for S. Korean super-rich - AsiaOne

Marketers cash in on services for S. Korean super-rich - AsiaOne

By Seo Jee-yeon The Korea Herald/Asia News Network Sunday, Nov 04, 2012 SOUTH KOREA - One of latest marketing trends in Korea is in catering to the "top 1 per cent" customers. It comes upon a deepening polarisation in consumer spending. It is not unusual for the richest 1 per cent of customers to dominate a company's overall sales. Firms in various sectors are rushing to launch marketing drives to woo what they call very, very important persons, or VVIPs, who usually make up 0.5 per cent to 1 per cent of their customer base. Consumer spending has become polarised as the nation's economic growth has slowed. Middle-class consumers have tightened their belts as the value of their key assets like real estate and stocks has fallen over the past few years. Consumer spending on dining and clothing has been shrinking, but demand for luxury goods continues to rise. Another reason f...

Full article: http://www.asiaone.com/News/Latest%2BNews/Plush/Story/A1S...

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