South Korea’s Luxury Car Imports To Rise 10% In 2014
The double-digit growth would come as the appreciation of the South Korea’s currency against the USD was expected to boost demand for foreign currency-denominated foreign cars.
The Y 2014 growth, however, was expected to be lower than a 20% increase estimated in Y 2013 as risk factors remained such as massive household debts and sluggish consumer confidence, the KAIDA said.
The KAIDA said that foreign luxury cars became popular among those Korean’s in their 20s and 30s, noting that demand for mid-sized cars with an engine displacement of less than 2 liters became stronger.
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