Cram Schools Cram Schools (Yonhap Feature) Young consumers’ growing demand for imported cars reflects changing values, tough reality – Yonhap News

(Yonhap Feature) Young consumers’ growing demand for imported cars reflects changing values, tough reality – Yonhap News



SEOUL, Oct. 9 (Yonhap) — This summer, Jeong Hong-woo, a 33-year-old architect, opted for a Mercedes-Benz sedan as his first car, an unexpected choice for him as he had long considered the brand as suited to successful middle-aged men.

“Many of my colleagues and friends have chosen foreign brands recently, and I came to be interested in them,” he said. “This is a bit expensive, but I wanted something special, and it really is worth the money. It gives me extra satisfaction.”

Jeong added he can afford it as he has no plan to get married within the next few years and buying a house is not his priority. He was able to secure a down payment “easily,” as he was forced to cancel a planned trip to Europe this year due to the new coronavirus.

Related data shows his purchase fits a consumption pattern among young customers of late.

According to the Korea Automobile Importers and Distributors Association (KAIDA), people in their 30s accounted for 33 percent, or the largest share, of the foreign vehicle market last year, followed by those in their 40s at 31.7 percent and those in their 50s at 19.6 percent. Those in their 20s took up 5.8 percent of the total imported car buyers in 2019.

Over the past several years, the total number of vehicles, both domestic and foreign brands, purchased
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