Korea Cheaper Than Japan? Not Anymore
MAY 27, 2006 03:00
by Chang-Won Kim Kwang-Am Cheon (changkim@donga.com iam@donga.com)
The idea that prices of commodities in Korea are cheaper than Japan is losing credibility.
For consumption in luxury items such as golf, ski, and high-end restaurants, both countries have a similar rate in pricing, and in some cases price ranges in Korea are higher.
Prices higher in Korea for some commodities-
Having spent five years in Tokyo, Japan as head of a branch office, Lee, a team leader of Company S, who returned to Korea last year, is spending 3,500,000 won per month for his family, roughly the same amount he spent in Japan.
When dining out, Lee feels that Korean food prices are much higher than what they should be. In Japan, the family of four spent 50,000 to 60,000 won at a family restaurant, but in Korea they had to spend at least 100,000 won for the same quality.
He said, ﾂ"In Korea, if the food is at a satisfactory then it's too expensive, and if it's cheap then the quality is really bad. There's no middle.ﾂ"
B, who works at a Japanese company in Seoul, has a similar opinion.
ﾂ"I went to a department store to purchase a suit, but I gave up because they were so expensive. What I can buy for 300,000 to 400,000 won in Japan is about 500,000 to 600,000 won here in Korea.ﾂ"
Global brands with standardized service and taste are also more expensive in Korea.
The price of a cup of cappuccino (small) at Starbucks is 3,300 won in Korea and 290 yen (approximately 2,465 won) in Japan, where Korea's cup of coffee is almost 1,000 won more expensive. The price of a McDonalds Big Mac hamburger in Korea is 2,900 won, while in Japan it is 280 yen (approximately 2,380 won).
You can read the rest here.
MAY 27, 2006 03:00
by Chang-Won Kim Kwang-Am Cheon (changkim@donga.com iam@donga.com)
The idea that prices of commodities in Korea are cheaper than Japan is losing credibility.
For consumption in luxury items such as golf, ski, and high-end restaurants, both countries have a similar rate in pricing, and in some cases price ranges in Korea are higher.
Prices higher in Korea for some commodities-
Having spent five years in Tokyo, Japan as head of a branch office, Lee, a team leader of Company S, who returned to Korea last year, is spending 3,500,000 won per month for his family, roughly the same amount he spent in Japan.
When dining out, Lee feels that Korean food prices are much higher than what they should be. In Japan, the family of four spent 50,000 to 60,000 won at a family restaurant, but in Korea they had to spend at least 100,000 won for the same quality.
He said, ﾂ"In Korea, if the food is at a satisfactory then it's too expensive, and if it's cheap then the quality is really bad. There's no middle.ﾂ"
B, who works at a Japanese company in Seoul, has a similar opinion.
ﾂ"I went to a department store to purchase a suit, but I gave up because they were so expensive. What I can buy for 300,000 to 400,000 won in Japan is about 500,000 to 600,000 won here in Korea.ﾂ"
Global brands with standardized service and taste are also more expensive in Korea.
The price of a cup of cappuccino (small) at Starbucks is 3,300 won in Korea and 290 yen (approximately 2,465 won) in Japan, where Korea's cup of coffee is almost 1,000 won more expensive. The price of a McDonalds Big Mac hamburger in Korea is 2,900 won, while in Japan it is 280 yen (approximately 2,380 won).
You can read the rest here.