Sales are forecast to set a record high this year, forcing South Korean retailers to cut prices to retain customers.
SEOUL, South Korea — South Korea does not celebrate Thanksgiving, but the hot deals at U.S. online retailers during the holiday season are changing the shopping habits of South Koreans who are aggrieved at marked-up prices of locally made and imported goods at hometown stores.
The trend known as "jikgoo" in local lingo has forced South Korean retailers to cut prices during the weekend between Black Friday and Cyber Monday to get those shoppers back. LG Electronics Inc. changed its customer service policy in April so that Koreans who buy LG televisions from outside Korea would not be discriminated against in customer service.
Asia has its own online retailers but U.S. companies are also targeting the region, with Amazon.com recently committing $2 billion to expanding its Indian business. In China, e-commerce giant Alibaba Group and Amazon also promoted Black Friday sales but results appeared to be modest. The day was overshadowed by China's, and possibly the world's, busiest retailing day – "Singles Day," on Nov. 11.
The 60-inch LED TV that Yoo got came without advanced options such as 3D or smart TV functions but that didn't matter to him. The 38-year-old auto industry worker didn't want such premium features. But in South Korea, he could only get a 60-inch model with 3D and smart TV features for more than $2,000.