BlockBeats report: On June 17, according to Korea’s JoongAng Ilbo, demand for housing has surged after employees at Samsung Electronics and SK Hynix received hundreds of millions of won in performance bonuses, causing prices for some apartments to rise by 100 million to 200 million won. Luxury import car dealerships are also crowded with employees from semiconductor companies. At an import car dealership in Pangyo, Seongnam City, South Korea, 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. Employees from companies with which we have discount partnerships must show proof of employment—nine out of ten are from semiconductor companies.”
As the peak season approaches, major department stores are preparing to welcome customers. A department store in Pangyo-gu, Seongnam City, will begin an event on the 23rd of this month, offering Samsung Electronics employees priority access to boutiques, parking vouchers, and restaurant discount coupons. Last month, sales at a branch of Korea’s Shinsegae Department Store increased by 16.2% year-over-year, with jewelry and watch sales rising by 120% and 60%, respectively. During the same period, sales at Hyundai Department Store’s Banqiao branch rose by 44.7%, while Lotte Department Store’s Dongtan branch saw a 30% increase. Professor Kim Sang-bong of Seoul National University’s Economics Department said: “Semiconductor company 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 consumption of relatively expensive durable goods such as televisions.”