Traveler Beware: Electronics in South Korea are more expensive
If you’re planning a trip to South Korea, be sure you have every electronic you may need, and all the back up batteries and memory cards for them. Because you will seriously go broke buying any of that in South Korea.
It seems like electronics should be cheaper there because it’s such a wired country (they’re one of the world’s most wired countries for internet, if not the most) and it is home to big brands such as Samsung and LG. But not so. Electronics can be twice as expensive there!
But why are electronics more expensive in South Korea?
Well, imported products are heavily taxed so all imported products (e.g. Apple) are exorbitantly expensive. This drives up demand for domestic products that are comparatively cheaper. However, since demand is high for these products, it drives the price up as well. This is one theory.
Another theory is that Korean companies sell their products outside of South Korea at greatly reduced prices in order to compete in the global market. But then they have to sell at higher prices within South Korea to make up for it. And they figure that South Koreans will have to pay it because the imported products are more expensive from being heavily taxed. What they’ve got going on in South Korea is essentially an oligopoly where a small number of sellers dictate the market.
Their Loss Could Be Your Gain
South Korean culture promotes having the latest and greatest for anything and everything. It’s just another way that they show their ultra competitive spirit.
Because of this, many South Koreans go through their technology (phones, tablets, computers) rather quickly in order to upgrade. This created a huge second hand market for these cast-offs. And I say cast-offs, but these phones and such are hardly used. You won’t get any deals on new stuff but you might get awesome deals for second hand technologies.
Bring An Extra Suitcase Anyway
So you shouldn’t expect to get a deal on a brand new fancy LG phone or Samsung tablet in South Korea. Get all that stuff in any other country than its home land. Instead, spend your money on delicious Korean food, clothes (especially socks…omg! It’s the mother load of cute socks!), and spa treatments!
Did you already go to South Korea and pay an arm and a leg for a tablet or something else that would’ve been cheaper at home? Share in the comments!