Samsung and SK Hynix employees in South Korea increase housing and luxury spending after receiving millions in bonuses.

Huo Xing Finance reports that on June 17, according to South Korea’s JoongAng Daily, demand for housing has surged after employees at Samsung Electronics and SK Hynix received performance bonuses amounting to hundreds of millions of won, causing apartment prices to rise by 100 million to 200 million won in some areas. Premium imported car dealerships are also crowded with employees from semiconductor companies. At an imported car dealership in Pundang-gu, Seongnam City, salesperson Mr. Choi said: “Recently, we’ve noticed an increase in customers who appear to be Samsung Electronics employees, mostly in their 30s and 40s. Among employees from companies with which we have discount partnerships who present work identification, nine out of ten come from semiconductor firms.” As the peak season approaches, major department stores are also preparing to welcome customers. A department store in Pundang-gu, Seongnam City, will launch an event starting June 23 offering Samsung Electronics employees priority access to boutiques, parking vouchers, and dining discounts. Last month, sales at a branch of Shinsegae Department Store rose 16.2% year-over-year, with jewelry and watch sales increasing by 120% and 60%, respectively. During the same period, sales at Hyundai Department Store’s Banqiao branch rose 44.7%, and Lotte Department Store’s Dongtan branch saw a 30% increase. Professor Kim Sang-bong of Seoul National University of Science and Technology’s Department of Economics said: “Semiconductor employees receiving hundreds of millions of won in performance bonuses are using internal loans to purchase homes. We can anticipate a ripple effect leading to increased spending on relatively expensive durable goods such as televisions.”